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Get your taxes done using TurboTax
@pcamp19 If you received 1099-R's reporting removal of Excess Roth IRA contributions, enter them TurboTax exactly as they are issued.
The Codes in Box 7 will indicate that it is a withdrawal of excess contribution for the prior year. Only the earnings reported in Box 2a are taxable.
Per Expert @JotikaT2:
"Go back into the federal section of your return.
- Select Income & Expenses
- Scroll down and select IRA, 401(k), Pension Plan Withdrawals (1099-R)
- Select Edit to the right of your Roth IRA input
- Continue through until you get to your detailed input section.
- Under Box 1, enter your Gross distribution as provided on your 1099-R form.
- Under Box 2, enter your earnings as the Taxable amount
- Review the codes under Box 7. They should reflect codes P and J.
- Continue through the screens and enter information to explain the excess withdrawal as it applies to your current return"
Click this link for more info on How to Enter a 1099-R.
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March 4, 2021
6:53 PM