It is very helpful on your explanation for taking care the excess Roth contribution with 2 options. However, I did not see the 2nd option -- wait till later when 1099-R is received in 2021. Can you please help -- when I try to amend 1040x using my last year 2019 Tax return by adding 1099-R but the P/J code causes no change on refund ($0)? Per all these articles I've read, basically, I will have to amend and report the earning for my $7000 excess Roth contribution even I've withdrawn on Feb 2020 before 2019 tax filing date (April 3, 2020). Do I just ignore the P and just use the J code in the 1099-R TurboTax form? If so, it reflects there is Federal Tax Due to 6% penalty + tax whole contribution, this doss not sound right? I think I should pay only 10% of $7000 excess contribution, plus tax on the earning generated from the $7000 contribution as ordinary income? But I just don't know where to start with TurboTax, please help. Thanks!
