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Get your taxes done using TurboTax
I have a similar question:
Reporting excess Roth IRA Contribution
For tax year 2021 I contributed after-tax dollars to a Roth IRA account to later find out I was not eligible to make this contribution. To avoid the 6% I reached out to the brokerage company in early 2022 and have already withdrawn the contributions along with the earnings on them. I understand that I will not receive a 1099-R in 2022 that indicates this access contribution removal, but I should report the earnings as income on form 1040, and fill out form 5329 for my 2021 return. Do I also fill out a 1099-R in TurboTax 2021 to file with my return. If so, what codes should I select for Box 7, do I also fill in boxes 8, 9a and 9b? If I originally set up the Roth Account in 2019 do I enter that info in Box 11?
‎February 11, 2022
2:17 PM