Do I have excess Roth IRA contributions for prior years if I already put in my 1099-R information?

Forum|Forum|1 year ago
February 5, 2025
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ThomasM125

I think what you mean is that you had excess Roth IRA contributions in a prior year and you corrected that by taking a distribution that was reported in the current year on a Form 1099-R. You then entered the form in TurboTax so now you want to know if you still have excess IRA contributions. The answer than would be no, you no longer have excess contributions.

Under that scenario, you would have had excess contributions in prior years, which you should have reported in those years and paid the penalty when you filed the prior year tax returns.

If you had an excess contribution in 2023 and you corrected that by the due date of that tax return in 2024, then you wouldn't have been penalized for the excess contribution in 2023 and you wouldn't have been considered to have an excess contribution for that year, since you corrected it by the due date of the tax return.

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kevboruffAuthor

thank you! It keeps asking me if I entered my numbers correctly for the Form 1099-R. My gross distribution was $2,861.53. But my taxable amount was only $461.53. Does that sound correct? We caught the excess contribution early and I think that's why the taxable amount was so low. (because the extra $2400 in contributions had very little time to earn interest this passed year (2024).