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Will I be taxed twice? Amendment for Excess Roth IRA with proforma 1099R and receiving 1099R in 2022
Hello! I realized I had over-contributed to my Roth IRA in 2020 only after submitting my Tax Return. I've already withdrawn the overcontribution and earnings. I've been encouraged to amend my tax return. I believe this happens with Form 1040X via TurboTax, available March 25th, and within that form I submit a pro-forma 1099R. However my financial advisor has informed me that I will also receive a 1099R in 2022. If I'm submitting a proforma 1099R now, will the auto-generated 1099R in 2022 mean I'm taxed a second time?
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March 16, 2021
6:30 AM