Hi DanaB27
I like to know if you can provide some details on the 2nd option -- "amend you 2019 tax return when you get the 1099-R". I'm the same situation where I contributed $7000 more on Roth for 2019. I pulled it out on 2/2020. I did not do anything on my 2019 tax return as I decided to wait to amend when I rec'ed my 1099-R in Jan 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 your replies I've read on this topic, basically, I will have to amend and report the earning for my $7000 excess Roth contribution even I've withdrawn on Feb 2020. Do I just ignore the P code and just use the J code in the 1099-R TurboTax form when I amend 2019 tax return? If so, it seems to reflect there is a 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!
