Get your taxes done using TurboTax

Yes, you would still report it but it won't be taxable since only the earnings are taxable when you withdraw an excess contribution.

Since you had a traditional IRA your codes in box 7 will be  P and 1.

To create a 1099-R in your 2021 return please follow the steps below:

1. Login to your TurboTax Account 
2. Click on the Search box on the top and type “1099-R”
3. Click on “Jump to 1099-R”
4. Answer "Yes" to "Did you get a 1099-R in 2021?"
5. Select "I'll type it in myself"
6. Box 1 enter total distribution (contribution minus loss)
7. Box 2 enter $0
8. Box 7 enter P and 1 

9. Check the "IRA/ SEP/ SIMPLE" box

10. Click "Continue"
11. On the "Which year on Form 1099-R" screen say that this is a 2022 1099-R.

If you report it now on your 2021 return and ignore the 1099-R when it comes unless there is Box 4 Federal Tax withholding and/or Box 14 State withholding. Then you must enter the 2022 1099-R into the 2022 tax return since the withholding is reported in the year that the tax was withheld. The 2022 code P will not do anything in the 2022 tax return but the withholding will be applied to 2022.

[Edited 2/21/2022 | 11:20am PST]

@Harvest704