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udaykumartj
April 7, 2020
Question

Regarding Excess Roth IRA contribution for 2019

  • April 7, 2020
  • 1 reply
  • 0 views

Without realizing that I am not eligible for direct Roth IRA investment (due to AGI being out of range), I directly invested in Roth IRA account of vanguard for the 2019 tax year. I realized my mistake and requested vanguard to remove that investment due to which I incurred a loss of around 150bucks. I have already filed tax return for 2019 and got refunds too. Do I need to file tax-return amendment for the 2019 tax year even though I did not make any profit during the time I invested in Roth IRA?

 

Thanks for your help

    1 reply

    M
    MinhT1
    April 7, 2020

    As you have already withdrawn the excess contribution together with its gain/loss, you do not need to amend your 2019 tax return.

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