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- How to enter return of excess Roth contributions and earnings in Lacerte
How to enter return of excess Roth contributions and earnings in Lacerte
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CECIII
Level 2
04-02-2021
02:46 PM
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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 The 2020 contribution and earnings were with withdrawn in 2021.
Per the IRS "For purposes of determining excess contributions, any contribution that is withdrawn on or before the due date (including extensions) for filing your tax return for the year is treated as an amount not contributed. This treatment only applies if any earnings on the contributions are also withdrawn.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..
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qbteachmt
Level 15
04-02-2021
04:01 PM
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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.
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