Please leave the taxes withheld information blank when you create the 1099-R to report the withdrawal of excess contribution and earnings. You did not pay any taxes in 2020 on this, therefore leave this information blank. The taxes withheld will be on your 1099-R 2021 in boxes 4 and 14 and they belong on your 2021 tax return to get credit for them.
Please follow these steps to create the 1099-R:
- Login to your TurboTax Account
- Click on the Search box on the top and type “1099-R”
- Click on “Jump to 1099-R”
- Select "I'll type it in myself"
- Box 1 enter total distribution (contribution plus earning)
- Box 2 enter the earnings
- Box 7 enter P and J
- On the "Which year on Form 1099-R" screen say that this is a 2021 1099-R.
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