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Get your taxes done using TurboTax
- Yes, code P will say in the drop-down menu "Return of contribution taxable in 2019" but you can ignore that since the follow-up question will tell TurboTax that it will be taxable in 2020.
- Yes, you enter the exact value as shown on your 2020's 5498 I received from the Brokerage Firm for Roth IRA as of December 31, 2020.
- If you didn’t have any excess contributions from the prior year that you are applying to 2020 then you can delete the numbers in line 26.
Please be aware, since you had withholdings in box 4 you must enter the 2021 Form 1099-R also in your 2021 tax return since the withholding is reported in the year that the tax was withheld. 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 27, 2022
5:01 AM