1. Yes, you enter the $5,000 Roth IRA contribution.
2. Yes, enter $4,800 for the value
3. Enter $5,000 as the amount of excess contribution withdrawn by the due date.
You will get a 2021 1099-R in 2022 for the withdrawal of the excess contribution.
Only the earnings have to included in the taxable income. "You must include in your gross income the interest or other income that was earned on the excess contribution. Report it on your return for the year in which the excess contribution was made." (IRS )
But you had no earnings therefore the distribution will not affect your taxable income.
If you get a job in 2021 then you can contribute to a Roth IRA if your Modified Adjusted Gross Income is under the limit. The withdrawal of excess contribution will not affect your ability to contribute to the Roth IRA for 2021.
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