I contributed to my roth ira for 2020 and 2021 in Feb (2021). Later on, I figured out that I am not qualified to contribute for both years, so I requested removal of excess. My broker told me that I will receive one 1099-R next year for all the removals together. I guess I have two options to deal with it:
a: report my removal of excess for 2020 by creating substitute 4852
b: wait until next year to file them all together
If I go with option a, then NEXT YEAR I will run into problems. Because next year, I will have a 1099-R with both years info on it. I will of course only report 2021 portion, but, will this cause problems since 1099-R is going to be inconsistent with my filling.
If I go with option b, could someone tell me how to report 2 years of removal all at once in turbotax? Will I pay extra tax for 2020 portion?
Thanks in advance for any help!
