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Roth IRA Excess Contribution
I overcontributed to my Roth IRA in 2020. In 2021, I requested a return of excess from my Roth IRA custodian. Below are the details:
Overcontribution Amount: $600
Gross Amount Received Back: $782.36
Taxes Withheld (don't know if it's Federal or State): $18.23
Net Amount Received Back: $764.13
They said I will receive my 1099-R next year, but I believe I need to include the earnings in my 2020 taxes. How do I report this on TurboTax and should I be reporting the gross amount received or the net amount?
Topics:
‎February 28, 2021
10:43 AM