Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- Lacerte Tax
- :
- Lacerte Tax Discussions
- :
- How to enter return of excess Roth contributions and earnings in Lacerte
How to enter return of excess Roth contributions and earnings in Lacerte
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
CECIII
Level 2
04-02-2021
02:46 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Taxpayer made a Roth contribution for 2020 back in March. The Roth Contribution is disallowed for 2020 based on income. The 2020 contribution and earnings were with withdrawn in 2021.
Per the IRS "For purposes of determining excess contributions, any contribution that is withdrawn on or before the due date (including extensions) for filing your tax return for the year is treated as an amount not contributed. This treatment only applies if any earnings on the contributions are also withdrawn. The earnings are considered earned and received in the year the excess contribution was made.”
How do I enter this distribution in Lacerte and show the taxable earnings? No 1099-R will be be issued for 2020 to the best of my knowledge..
This discussion has been locked.
No new contributions can be made. You may start a new discussion
here
1 Comment 1
qbteachmt
Level 15
04-02-2021
04:01 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Here are your Help articles:
https://proconnect.intuit.com/community/form-1099/help/form-1099-r-distribution-codes/00/4750
You will put in as if there is a 1099-R for Roth, code 8; the 1099-R will come for 2021 with code P.
*******************************
"Level Up" is a gaming function, not a real life function.
"Level Up" is a gaming function, not a real life function.
