dmertz
Level 15

Get your taxes done using TurboTax

Since you have not yet filed your 2020 tax return, you'll just make the entry on your original tax return as macuser_22 otherwise described.

 

The 2021 Form 1099-R for the 2021 contribution will have codes J and 8 rather than J and P, reportable on your 2021 tax return.  You'll receive the code J8 2021 Form 1099-R before you file your 2021 tax return.

 

In each case you'll need to enter into TurboTax for the particular year the original Roth IRA contribution made for that year, allow TurboTax to tell you that it's an excess contribution, then indicate that you've removed that same amount by a return of contribution.  This will record the amount originally contributed and the (same) amount of contribution returned and it will cause TurboTax to prompt you after you click the Continue button on the Your 1099-R Entries page to prepare an explanation statement regarding the return of the contribution that had been made for that year.