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Get your taxes done using TurboTax
Q1. and Q2. Yes, since you requested the withdrawal of an excess contribution plus earnings you will have to enter the 2021 1099-R with code JP on your 2020 tax return. Please see How do I amend my 2020 return?
Q3. Only the earnings (shown in box 2a) are taxable.
Please be aware, since you had taxes withheld you will need to enter the 1099-R on your 2021 return as well. The 2021 code P will not do anything in 2021 tax return but the withholding will be applied to 2021.
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‎February 5, 2022
1:03 PM