In 2020, my wife and I discovered that we had overcontributed to our Roth IRAs. We both withdrew our excess contributions before the tax filing deadline.
The broker informed me that I had earnings of less than $1 on the withdrawn contribution, and that I would receive a 1099-R with the information the following year (2021).
I just received the 2020 1099-R with codes PJ, and from my research on these forums, I believe I am supposed to amend my 2020 tax return.
When I enter my 2020 1099-R information into the amended return, in box 7, I should still select Code P "Return of contribution taxable in 2018" even though it was a return of contribution in 2019, correct?
After entering this information, TurboTax should ask "Which Year on Form 1099-R?" and give me the option to select 2019 or 2020. If I select 2020, then TurboTax will calculate it correctly, yes?
