DanaB27
Expert Alumni

Get your taxes done using TurboTax

Since you had no taxes withheld you do not have to enter the 2021 Form 1099-R with codes PJ on your 2021 tax return. You only have to enter it on your 2020 tax return. Please see How do I amend my 2020 return?

 

Only the earnings will be taxable and are subject to the 10% early withdrawal penalty if you are under 59 ½.

 

You stated you filed Form 5329 for 2020. Did you already create Form 1099-R on your 2020 return and part I on Form 5329 was filled out? Or was part III (for excess traditional IRA contribution) or part IV (for excess Roth IRA contribution) filled out? Please be aware, that if you withdrew the excess contribution plus earnings before the 2020 due date then you do not need to pay the 6% tax.

 

@aa73

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