Very good explanation on return of excess contributions and earnings.
My situation is in a Roth and I am 79 years old.
I withdrew $10K from my Roth as a loan, but missed the 60 day rule (Thought it was extended for CARES, but unfortunately that was only on RMDs for IRAs). So I withdrew the $10K + 1,200 in excess earnings, and my 1099-R shows the $1,200 as taxable. The code shoe 8J.
This was all in 2020, so when I enter it in TurboTax, it shows the $1200 in earnings, but also levies the 10% as premature withdrawal.
Should I do the same as your explanation and fill in "Other reason for withdrawal" and indicate that I am 79 years of age.
Thanks again.
