• Roth Cancelled - Tax question

    From Raipur Taxpayer@21:1/5 to All on Mon May 17 22:38:36 2021
    I invested 1600 in 2020 in a Roth IRA. In 2021 added some more amount. But while filing taxes yesterday I found the AGI is higher than allowed. So I can't do Roth. I closed the account and asked for entire amount (contribution + earnings). They said they
    will send a check, and a 1099-R next year.

    I know that the contribution is non taxable and can be withdrawn any time. I also know that the earnings (about 100 dollars) will be subject to tax and penalty. I don't mind that because the amount is so small.

    Question 1: While filing 2020 tax (I got an extension) should I declare the 1600 amount as Roth IRA? Now that I have cancelled it before Oct 15, can I just not declare it?

    Question 2: Never done 1099-R. Next year when it comes under what head should I file it?

    Raipur T

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