You can withdraw contributions you made to your Roth IRA anytime, tax- and penalty-free. Please ensure that you answer all questions after your entered the 1099-R and click continue on the "Your 1099-R entries" screen.
- Open your return
- Click on "Search" on the top right and type “1099-R”
- Click on “Jump to 1099-R” and enter all your 1099-Rs
- Click "Continue" on the "Your 1099-R entries" screen
- Answer all the questions and make sure you enter the net contributions prior to 2020 on the "Enter Prior Year Roth IRA Contributions" screen
- Answer the remaining question.
You can verify your entry by looking at Form 1040 line 4.
Please be aware to avoid the 6% tax on excess contributions, you must withdraw:
- the excess contributions from your IRA by the due date of your individual income tax return (including extensions); and
- any income earned on the excess contribution.
Only the earnings would be included in your taxable income.
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