Me: Age age 59 as of 2.8.21
I contributed $7,000 in Jan 2020 to my Roth IRA, which I opened in 2014.
This 2020 contribution was $4,110 over the contribution limit for 2020 based on my AGI.
I entered the $7,000 in the TurboTax "Enter Your Roth IRA Contributions" box
TT asks me "Did You Open a Roth IRA Before 2020?" - I assumed the answer is "yes" because my Roth IRA was opened in 2014.
I entered "0" for the question "Enter Excess Contributions for prior years". Because I didn't.
I then entered in $4,711 "Contributions Withdrawn Before the Due Date" - this is the amount I calculated to remove the excess contribution of $4,110 and $601 in earnings. The amount of $4,711 was withdrawn out of the Roth IRA on 2.8.21
I noticed that this approach did not generate a 5329 worksheet in the return. Question: should it?
I also noticed the $601 earnings did not show up in TT. Do I wait for my RothIRA custodian to send me a 1099-R in the next few weeks for that $601 in earnings?
