Hey Bogelhead gurus! So last year doing my taxes (freetax usa) i realized going back to 2021 that i had over contributed to my roth due to the income limit and didnt catch it. Image may be NSFW.
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Questions
1) How do i calculate my basis in Roth IRA contributions
2) For the one 1099r it had the box 2b check that says cannot determine taxable amount - how the heck do I get past that?
Excess contribution history
2021 - excess contribution $1320, , had vanguard excess contribution withdraw after to deadline, paid 6% penalty on form 5329
2022 - excess contribution $4440, had vanguard excess contribution withdraw prior to deadline, paid 6% penalty on form 5329 for 2021 contribution
2023 - excess contribution $1100, , had vanguard excess contribution withdraw prior to deadline
1099r background
I received my 1099r this month from vanguard for the excess contribution withdraw and im totally confused, i did receive 3 (though they dont show the years i can tell from the amounts). I entered into freetax usa and its asking me for the Roth ira cost basis. I dont see that anywhere at vanguard and I have had my roth accounts for over20 years and have moved institutions from fidelity to vanguard. Prior ot 2021 i had auto contribution setup and I have never withdrawn other than for the excess contribution.
2023 1099r breakdown (all for 2023 year im associating the three to each years set of contributions)
1st 1099r 2021: Box 1) $1320.00 Box 2a)blank (not zero) Box 2b) X 7) J
2nd 1099r 2022: Box 1) $3891.110 Box 2a)$0.00 Box 7) JP
3rd 1099r 2023: Box 1) $1117.21 Box 2a)$7.21 box 7)8j
Need help!
Clik here to view.
Questions
1) How do i calculate my basis in Roth IRA contributions
2) For the one 1099r it had the box 2b check that says cannot determine taxable amount - how the heck do I get past that?
Excess contribution history
2021 - excess contribution $1320, , had vanguard excess contribution withdraw after to deadline, paid 6% penalty on form 5329
2022 - excess contribution $4440, had vanguard excess contribution withdraw prior to deadline, paid 6% penalty on form 5329 for 2021 contribution
2023 - excess contribution $1100, , had vanguard excess contribution withdraw prior to deadline
1099r background
I received my 1099r this month from vanguard for the excess contribution withdraw and im totally confused, i did receive 3 (though they dont show the years i can tell from the amounts). I entered into freetax usa and its asking me for the Roth ira cost basis. I dont see that anywhere at vanguard and I have had my roth accounts for over20 years and have moved institutions from fidelity to vanguard. Prior ot 2021 i had auto contribution setup and I have never withdrawn other than for the excess contribution.
2023 1099r breakdown (all for 2023 year im associating the three to each years set of contributions)
1st 1099r 2021: Box 1) $1320.00 Box 2a)blank (not zero) Box 2b) X 7) J
2nd 1099r 2022: Box 1) $3891.110 Box 2a)$0.00 Box 7) JP
3rd 1099r 2023: Box 1) $1117.21 Box 2a)$7.21 box 7)8j
Need help!
Statistics: Posted by estcstm3 — Tue Jan 09, 2024 3:34 pm — Replies 1 — Views 67
