@USAFXXX wrote:
Thank you and two follow up questions please. I have already removed $1,900 contributed amount plus 157.33 in earnings. (1) I am under 59 1/2. It's my understanding that $82.79 in earnings will be taxable in 2020 and $74.51 be taxable in 2021. Each amount subject to 10% penalty as well. My question is- would you agree that given my scenario I will need to address two 1099Rs one belonging to taxable earnings in 2020 and other one for 2021? (2) How do I create 1099R through Turbo Tax and get routed to 1099R summary screen to allow me to enter comments? How does form 5329 form gets addressed through TurboTax.
Thank you again.
Yousaf
I do not think you are understanding.
You have until the due date of the 2020 tax return (May 17, 2021) to make a 2020 IRA contribution. Your 2021 contribution could either be a 2020 contribution OR a 2021 contribution depending on which year you asked the financial institution to apply it to - 2020 or 2021.
How it is reported, depends on which year the contribution was for. You have not said.
**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.**
