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2019 - Roth excess Contribution being withdrawn Feb, 2021

jhattontaxes
Level 1

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 Excess contributions and gains must be withdrawn.  Gains have been calculated and all money is being withdrawn during February, 2021.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.

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1 Comment 1
qbteachmt
Level 15

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.

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