Yes, you need to report both the excess contribution and the backout. To do this in TurboTax, please follow these steps:
- Enter the 1099-R with the total distribution in box 1 [the contribution plus the earnings]
- Enter the earnings in box 2a
- Enter code "P" in box 7 (Top)
- Enter code "J" in box 7 (Bottom).
- On the "Which year" screen say that this is a 2020 1099-R.
Here is a thread with more information.
