Cynthiad66
Expert Alumni

Retirement tax questions

You enter the amount that is on the Form 1099R in that field.  Only deal with the Form 1099R amount.  Box 2 on the Form 1099R is handling the Earnings. 

 

Please follow these directions from @DanaB27

 

Yes, you will have to report the distribution of the excess contribution and earnings. Please follow these steps to create 1099-R:

  1. Login to your TurboTax Account 
  2. Click on the Search box on the top and type “1099-R”
  3. Click on “Jump to 1099-R”
  4. Select "I'll type it in myself"
  5. Box 1 enter total distribution (contribution plus earning)
  6. Box 2 enter the earnings
  7. Box 7 enter P and J 
  8. On the "Which year on Form 1099-R" screen say that this is a 2021 1099-R.

You will have an 10% early withdrawal penalty on the earnings.

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