Thanks DanaB27.
I contacted Vanguard and they tell me that since the contribution was made in 2020 (for 2019) the earnings on that excess would be taxed in 2020 and hence a separate line for 5.09 of earnings with code 81 in Box 7. He tells me that i would need a 5329 for 2020.
So the question then is:
For 2019, I believe i have to amend my return and show this excess contribution by adding my 2020 1099-R for the excess contribution amount of 6000. Or should it be a substitute 1099R? And this would not change anything on my 2019 return in terms of numbers, may be except that it would show a non taxable distribution. So what would I send as an amendment? Would this change of showing 6000 excess generate a 5329?
For 2020 how do i get Turbo tax to generate a 5329? It does add this 5 dollars to my taxable income though.
Thanks,
Rajesh
