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9
9martinz
March 4, 2020
Question

It is saying I have an IRA excess penalty. my 1099R is showing $11500 because I opened the account in February 2019. Made contribution for 2018 and for 2019? work around

  • March 4, 2020
  • 1 reply
  • 0 views
How do I fix this and show that in turbo tax. I shouldn't have to withdraw.

1 reply

SusanY1
SusanY1
March 5, 2020

If this is for contributions those shouldn't be on Form 1099-R. This form is used to report the distributions taken from the account.  

 

Enter into TurboTax only the contributions made for 2019 into the program when asked about your 2019 contributions to avoid being taxed on excess contributions.  

 

 

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