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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16576
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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I found out that I qualify exception to an excess Roth

Customer Question

I found out that I qualify for an exception to an excess Roth contribution received in 2015 for the prior year because I received over 12 weeks unemployment in **2014**. My question is: do I have to report this on my 2015 tax return, or does it only become an issue if I get audited for 2015? Unemployment income was showing on my 2014 return.
Submitted: 1 year ago.
Category: Tax
Expert:  Megan C replied 1 year ago.

If you received a 1099-R, it needs to be claimed on your return to the extent that it's taxable. If you are not penalized or taxed, no worries -- you won't have anything to pay.

Please let me know if you need anything additional. If not, please rate positive.

Customer: replied 1 year ago.

I did receive a 1099R and there's a taxable amount in box 2a for $494. Am I supposed to pay a 10% penalty and pay taxes on this even though I got 12 weeks unemployment insurance in 2014? I'm 54 years old

Expert:  Megan C replied 1 year ago.

No, you won't pay the 10% penalty -- when you file your return and enter it into the software, then note that you meet an exception

Please let me know if you need anything additional. If not, please rate positive.

Customer: replied 1 year ago.

I don't know where to note the exception in turbo tax, can you help me?

Expert:  Megan C replied 1 year ago.

I'm not familiar with TurboTax, so I am unable to give you directions to where to put this in. Please rate this question, then add another question directly related to TurboTax