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Get your taxes done using TurboTax
No, you will not amend your 2021 tax return. It will be handled as indicated here and in previous guidance.
It's quite likely you will receive a Form 1099-R in 2022 if you actually removed the excess in 2022 before filing your 2021 tax return. As indicated by @DanaB27 you must report those earnings in 2021 (with or without a Form 1099-R). Use code 8, in Box 7.
- 8 – Excess contributions plus earnings/excess deferrals (and/or earnings) taxable in 2021
Next year, when you receive the Form 1099-R for this same distribution, there should be a code P, which will show that the distribution was already included and taxed in your 2021 tax return. The result should be nothing taxable in 2022.
- P – Excess contributions plus earnings/excess deferrals (and/or earnings) taxable in 2021 (it will be changed from 2020 to 2021 for 2022 tax year)
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February 10, 2022
9:29 AM