DanaB27
Expert Alumni

Get your taxes done using TurboTax

Yes, you will receive a 2021 1099-R in 2022 for the withdrawal of excess contributions and earnings. The earnings will be include in your taxable income and if you are under 59  1/2 you will pay a 10% early withdrawal penalty on the earnings.

 

1. You will enter $5,000 as contributed.

2 . Yes, enter $5,100

3. You will enter $5,000 (the amount of excess contribution withdrawn, do not include any earnings or losses).

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"