Sorry to be dense, but I am a little confused with dates and what to file.
I filed online a few days back. Turbotax informed me that I made an excess contribution and need to withdraw amount in excess as well as earnings. It also asked me something about how much I am going to take out, etc. Regardless, the taxes are filed now. When I look at Form 5329, I see no amount in Part IV Line 23 or anywhere in Part IV so I am assuming it took that amount off of my taxes as taxable, which I assume is what should have happened.
So, and I should say this is a joint return so both my wife and I had to remove the excess and earnings. We have and both brokerages told us that we would get a 1099R next January.
So, with that in mind that we have withdrawn it, and also in mind that we will receive the form 1099R in 2021, and also I had taxes withheld on the earnings, what will happen?
Do I just file my 2020 taxes next year and say that I got the 1099R and fill in the info and it somehow asks me if it was for 2019? How will Turbotax know and the IRS know it was for 2019? I would rather not muck up my 2019 return further and file an amendment but what can I do? I assume this is the same question that has been asked prior but since I had taxes withheld, what next?
Thanks for bearing with me all.
