ThomasM125
Employee Tax Expert

After you file

You took the excess contribution out of your ROTH IRA for tax year 2020, so you need to pay tax on the earnings plus a penalty for early withdrawal for 2020.

 

You need to amend your 2020 tax return to report the 1099-R form. TurboTax will calculate the tax and penalty. You can leave the rest of your 2020 tax return alone.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post