Thanks WendyN2. Can you please clarify if these bullet points from the IRS site are applicable to me or not ?
Timely withdrawal of excess contributions by April 15
- Excess deferrals withdrawn by April 15 of the year following the year of deferral are taxable in the calendar year deferred.
- Earnings are taxable in the year they're distributed.
- There is no 10% early distribution tax, no 20% withholding and no spousal consent requirement on amounts timely distributed."
Is that reason that CPA told me last year while filing the 2019 tax return that the earnings are taxable in the year they are distributed , in my case the $100 is the earning and was taken in 2020.
But since now I got a 1099-R for 2020 , do I need to report the $2100 again to avoid any complications?
Thanks
