@June123 wrote:
Thank you. I entered the 1099-R form into Turbo Tax. Do I also need to report that I originally contributed $6000 to my Roth IRA for 2020 or just leave that blank as the entire contribution was corrected and removed prior to filing? I did not have any earnings on the contribution for the duration it was in the Roth IRA account, only some losses. Thanks.
No. You do not need to enter the contribution. Roth contributions do not go on a tax return.
The only reason to enter would be the following but that no longer applies to you.
1) Tell you if your income qualifies you for a contribution and warn you if it does not.
2) Check if your income exceeds the limit to contribute to a Roth.
3) Track your contribution year-to-year if you use TurboTax every year.
4) Add the Retirement Savers Credit if you qualify.
**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.**
