Deductions & credits

That is a normal distribution for under age 59 1/2 and not a return of contribution that would have a code N.

 

If you told the IRA custodian that you wanted a return of contributions by the due date of the 2020 tax return (May 17), then they should have issued a non-taxable 1099-R with a code N in box 7, the amount returned in box 1 and any earnings on the returned amount in box 2a.

 

Contact the IRA custodian for a corrected 1099-R if they made an error.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**