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
- :
- ProSeries Tax
- :
- ProSeries Tax Discussions
- :
- 2019 - Roth excess Contribution being withdrawn Feb, 2021
2019 - Roth excess Contribution being withdrawn Feb, 2021
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
jhattontaxes
Level 1
02-26-2021
07:32 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
MFJ Tax Return - Both Taxpayers contributed full amounts to Roth IRA's during 2019. Spouse got a huge bonus during 2019 which pushed total income over limit of $203,000. Excess contributions and gains must be withdrawn. Gains have been calculated and all money is being withdrawn during February, 2021.
All gains are to be taxed (and penalized) on the 2019 1040X.
Instructions say put the info on an Attachment explaining all the details. I've done that. Where do I input the numbers? Looks like I must use a couple Form 1099-R in the software, but I don't have a real 1099R to take the numbers from - including EIN.
Do we have to wait for Vanguard to issue 1099-R's? When they do, the 1099-R's will be dated 2021. But instructions say Gains must be taxed in 2019.
Thanks.
Labels
This discussion has been locked.
No new contributions can be made. You may start a new discussion
here
1 Comment 1
qbteachmt
Level 15
02-26-2021
12:14 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
There are so many good resources on the web for this. Just google:
remove and tax excess roth
Not just the IRS, but also the investment houses give great, concise, guidance.
*******************************
"Level Up" is a gaming function, not a real life function.
"Level Up" is a gaming function, not a real life function.
