@USAFXXX wrote:
The original Excess Roth IRA contribution that I had made was for 2020 and was for $1,900. I had contributed $1000 in 2020 for 2020 and $900 in early 2021 for 2020. The original amount $1,900 plus the earnings already removed and moved to my personal account as of two weeks ago. Now I need to report the earnings to IRS so that I can be taxed and charged the 10% penalty on earnings. How do I report earnings to IRS as I file my 2020 Tax return through Turbo Tax Online without the 1099R? I am looking for specific steps please.
I posted the steps above.
The total $2057.30 goes in box 1, and $157.30 in box 2a. Code PJ in box 7. The box 2a will be taxable in 2020. Nothing at all goes on yiur 2021 tax return next year.
**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.**
