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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 You will enter $5,000 (the amount of excess contribution withdrawn, do not include any earnings or losses).
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‎April 5, 2021
12:11 PM