I contributed to my Roth IRA in 2020 for a 2020 contribution. Later in the year I found out that my income would disqualify me due to company stocks I was awarded. I notified my financial advisor and he removed the 2020 excess contribution in 2020 and any excess earnings, it had actually gone down in value, and put it into a savings account. I received a 1099-R with codes 8, J. I am not sure if he removed the excess properly and I am not sure what I need to report on my taxes. Do I report that as income even though it was a correction of excess contribution? Were the right codes used on the 1099-R? Do I need to fill out a 5329 form as well? Or do I not need to report it at all as it was a correction done prior to tax filing and in the same year? I am under the age of retirement and do not want to get penalized. Thanks.
