Yes, you can report the withdrawal of the excess contribution on your 2020 return.
- Open (continue) return if you don't already have it open.
- Inside TurboTax, search for 1099-R and select the Jump to link in the search results.
- Answer Yes on the Your 1099-R screen,
- Click on the box that you are creating a substitute 1099-R
- Then select Continue.
The codes you will need for box 7 are J and P.
Since this is a Roth IRA the only amount that is taxable are any earnings on the excess contribution.
You will receive a 1099-R for the withdrawal in 2021 you do not need to report the information since you have reported it on your 2020 tax return.
You must include in your gross income the interest or other income that was earned on the excess contribution. Report it on your return for the year in which the excess contribution was made. Your withdrawal of interest or other income may be subject to an additional 10% tax on early distributions discussed in Pub. 590-B.
