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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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March 9, 2020
8:36 AM
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