I am in the same situation, over contributed to my Roth IRA account in 2019 for 2019. Realized it in 2020 and requested my broker to remove the excess $40 Roth IRA Contribution. There were Negative Earnings/loss on the excess contribution. The net excess amount $33.78 was deposited into my non retirement account in 2020. My Question is: Do I need to report the return of the $33.78 on the 2019 tax return as a Gross Distribution (line 1) or will it be included in the 2020 return, when I get the 1099R?
Also, you state in the earlier reply that the negative earnings $-6.22 should go into line 2a. Turbo Tax keeps asking me to check this entry, is it truly a negative taxable amount or will I be paying $0 taxes on the loss amount?
Thank you!
