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Retirement tax questions
@bkg1 wrote:
Both ROTH and Trad IRA are on my wife's name the contributions added up to 8000. So I submitted ROE from Trad IRA for $2000.
My contributions are separate $4000 in ROTH.
A return of Traditional IRA contributions made in 2020 for 2020 should have a code 8 (and 1 if under age 59 1/2) in box 7, the total returned amount in box 1 and the earnings in box 2a and the IRA/SEP.SIMPLE box checked.
If you know those amounts you can file it now and avoid amending when the real 1099-R comes.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
March 20, 2021
8:52 PM