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Get your taxes done using TurboTax
Yes, if you did not pay the 6% on your 2019 tax return then you will have to amend the 2019 tax return to include the penalty.
On your 2020 tax return you need to delete the entry that you still have an excess contribution from a prior year since you withdrew that amount before December 31, 2020.
Did you have deductible contributions of $7,000 in your traditional IRA that caused the $7,000 taxable income on line 18 on Form 8606?
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March 15, 2021
1:32 PM