Excess Roth contribution

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  • fliszt
    Senior Member
    • Jun 2005
    • 518

    #1

    Excess Roth contribution

    I discovered client made a $3600 non-elgible contribution to Roth in 2008 while preparing her return. I did not report it on her 2008 return since I told her to contact Ameriprise to remove. They did so in Feb 2009 but the fund had dropped and she encountered a loss of $1577 resulting a refund of $2023. Ameriprise has told her to amend her 2008 return showing the loss attributable to the contribution. Wouldn't the loss show up on the 2009 form 1099R? I'm sorry but I'm not sure how to handle this.
    Larry
  • Possi
    Senior Member
    • Mar 2006
    • 1432

    #2
    loss on 1099R?

    I have never seen a loss on a 1099R.
    Would it be reported on a 1099B if the ROTH sold stock at a loss to complete the reimbursement? I'm anxious to see how this one comes out....
    "I am proud to pay taxes in the United States. The only thing is I could be just as proud for half the money." Arthur Godfrey

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    • fliszt
      Senior Member
      • Jun 2005
      • 518

      #3
      Yes I think you're right.

      it would be a 1099-B. I'm at a loss to figure out Ameriprise's letters.

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      • Possi
        Senior Member
        • Mar 2006
        • 1432

        #4
        join the crowd

        Some letters are clear, theirs is never clear.
        "I am proud to pay taxes in the United States. The only thing is I could be just as proud for half the money." Arthur Godfrey

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        • fliszt
          Senior Member
          • Jun 2005
          • 518

          #5


          how right you are!!!

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