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Get your taxes done using TurboTax
You won't have to pay the excise penalty if you returned the contribution by 04/15/2020 and report in your return that you returned it. Next year, you will receive a 1099R for the return of the contribution, which is a code P, return of excess contribution. The only taxable event in that 1099R if earnings were earned in excess of the distribution.
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March 23, 2020
7:13 PM