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Retirement tax questions
You can remove the ROTH IRA contributions on your 2020 tax return. Since ROTH is purchased with post-tax money, there will be no effect on your 2020 taxes. You do not need a substitute 1099-R.
Follow these steps:
- Federal
- Deductions and Credits
- Traditional and Roth IRA Contributions
- Click the ROTH IRA box under your name
- Fill in the screens
- Enter the amount of your contributions
- Enter the Excess Contributions
- Enter value of Roth IRA (should be zero)
- If it says you have a penalty, then enter the amount of the withdrawal again
In 2022, you will also enter the 1099-R for this plan.
@momak73
March 27, 2021
4:18 PM