Hello Dmertz,
I was hoping you could help me. I think I'm in a similar situation as YellowJacket5219, but maybe not as far along in the process.
I recently discovered that I made an $32.00 excess contribution to my Roth IRA on 12/30/2020. I have yet to ask for the excess to be removed, although I hope to do so next week. I used the NIA formula and calculated that the interest was .69 so I understand I would ask for $32.69 to be removed from my 2020 Roth IRA account.
My question is: Do I need to wait for a formal 1099-R document from my brokerage to file my 2020 taxes now (March 2021)? Or can I just use the 1099-R Substitute form (now with the numbers I calculated manually without having a formal 1099-R from my brokerage firm) in TurboTax to manually file the excess contribution withdrawal as income for 2020...although I will have withdrawn the money in 2021?
Before reading a bunch of these threads, I thought my brokerage would not send me a 1099-R until 2022 since I will be withdrawing the money in 2021 and therefore, I would not or should not claim the excess contribution withdrawal as income until 2022 when I file my 2021 taxes...as the income is technically 2021 income based on the withdrawal date. But if I'm following some of the threads correctly, it seems that I can and should use the 1099-R Substitute form in TurboTax to file the excess contribution withdrawal for my 2020 Roth IRA (to be withdrawn in 2021) in my 2020 tax return (as 2020 income)...although again the withdrawal will take place in 2021, is that correct?
Assuming again I should be claiming the excess contribution withdrawal of $32.69 (to be withdrawn in 2021) using a 1099-R Substitute form in my 2020 TurboTax return, can you please reconfirm the codes I should be/will be using when completing the 1099-R Substitute form in TurboTax...since, again, I will not have an actual formal 1099-R document from my brokerage firm at this point?
Thank you so much for any help/clarification you can provide!
