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Retirement tax questions
Thank you and follow up question please. I am using Turbo Tax Online to file my 2020 Tax Return. I have already removed the $1,900 excess Roth contribution that belonged to contribution year 2020. Out of the total $1,900 I had contributed $1,000 on 11/20/2020 for year 2020 and $900 on January 15, 2021 for year 2020. My bank has removed the excess of $1,900 plus $82.78 in earnings (associated with $1,000 11/20/2020 contribution) and $74.59 in earnings (associated with $900 January 15, 2021 contribution. I am getting confused on (1) Since I do not have the 1099R this transaction, how do I report to $82.78 earnings to be taxed in 2020 and $74.59 earnings to be taxed in 2021? You mentioned form 5329. Do I file taxes through TurboTax as normal and then manually send the form 5329 to IRS or can this 5329 be factored into my Tax return through Turbo Tax experience?