No, you will not have the 6% excess contribution penalty because you removed the excess contribution plus earnings. When TurboTax asks on the penalty page during the IRA contribution interview then enter the excess contribution amount you withdrew.
If you are under 59 1/2 you will have to pay the 10% early withdrawal penalty on the earnings your removed with the excess contribution.
You will enter your 1099-R 2020 with codes 8 and J into TurboTax and do not need a substitute 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”
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