DanaB27
Expert Alumni

Deductions & credits

No, you will have to tell your bank that you need to remove an excess contribution plus earnings. They should have a form to request this. Don't just take the money out or it will be reported incorrectly as a regular distribution.

 

Yes, only the earnings will be taxable and show as taxable in box 2a of the 1099-R 2021 that you will get (box 1 will show the whole distribution amount).

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