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Retirement tax questions
No, do not enter it as a prior-year excess contribution. (This question asks for excess contributions make for years prior to 2020, not for contributions made for 2020.) Enter the Roth IRA contribution under Deductions & Credits, then, when TurboTax indicates that you have an excess $2,600 Roth IRA contribution, indicate that you had $2,600 (not the gain/loss-adjusted amount) returned. TurboTax will prompt you to prepare an explanation statement. Separately you'll enter the anticipated code PJ 2021 Form 1099-R.
March 19, 2021
6:12 AM