You'll need to sign in or create an account to connect with an expert.
file an amended return. since the excess contributions were not withdrawn until after 5/17/2021 you will owe the 6 % penalty for 2020. any income withdrawn will be taxable in 2021. did you inform the administrator that you were withdrawing an excess contribution so it could figure the amount of income that needed to be withdrawn?
Yes I submitted all the proper forms for mistaken distribution and excess contribution. I just wanted to know what exactly I should put on my 2020 amended form - should I just be leaving the contribution and distribution numbers alone and reporting excess next year, or is there some way to report those amounts as excess contributions now and state that they have been fixed?
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Alex3
Level 2
fastlapp
Level 2
alexwlada
New Member
kls3806
Returning Member
ljt96
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.