DianeC958
Expert Alumni

Get your taxes done using TurboTax

If you reported this as Other Income that information is on Schedule 1 line 8.  The information then flows from this schedule to the form 1040 line on line 7a.

 

You will receive a 1099-R for this distribution to report on your 2020 tax return.  There will be tax due on any earnings the excess amount generated and also a 10% penalty on the earnings generated by the excess contribution.

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