FangxiaL
Expert Alumni

Get your taxes done using TurboTax

It should make a difference.

You will be taxed on the earnings for the excess contributions, plus the 10% penalty. If reported using 1099-R, the 10% additions to taxes will be calculated properly. If reported as other income, the 10% won't be calculated properly, if calculated at all.  

 

 

@Juir

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