DanaB27
Expert Alumni

Get your taxes done using TurboTax

Yes, you will request the withdrawal of excess contribution and earnings with your bank. They should be able to tell you the earnings on the amount.

 

Yes, you will file your 2020 tax return and will not have the 6% penalty because you are removing the excess plus earnings by the due date. Yes, enter the value amount from the day you request the withdrawal.

 

Yes, you will get the 2021 1099-R in 2022 and file it with your taxes. If the 1099-R shows code 8 in box 7 then you will file it in your 2021 tax return. If your 1099-R has code P in box 7 then you will have to amend your 2020 tax return and include it on your 2020 tax return.

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