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Retirement tax questions
Thank you.
Since the excess contribution was just found out the 1099R wont be available until early next year. That is when I will fill out that section of turbo tax and file it.
I guess I am just wondering, as for right now, under the "deductions & credits" section. I went under the roth IRA option. I entered that I had 6000$ of excess contributions for year 2020. When you press next, it then asks "contributions withdrawn before due date" and asks for a dollar amount. Again, I don't have a 1099r yet but I know the amount that was pulled out of the account (contributions 6K plus earnings amount). Do I enter the full amount (contributions plus earnings) or just the excess contribution amount, meaning $6000?
Once you click next on that screen, the next page just shows the IRA deduction summary as $0 and then it goes back to the main "deduction and credits" page. This section of turbo tax doesnt ask for the break down of the 1099R, which I won't get until next year, and file next year.
Thank you