I have a similar issue. Received 1099-R for 2020 in 2021 for over-contribution made in 2019 Roth IRA due to over AGI maximum for any Roth IRA contributions. Box 7 has JP and box 1 has $7518.44 and $6458.87and box 2a has a taxable amount of $518.44 (over age 59 1/2 ) and $458.87 (under 59 1/2) for each of us. I was over 59 1/2 when this occurred but my husband was not (same maximum overage since we file jointly).
Do I have to amend our 2019 tax return and pay taxes on only the box 2 amounts? What form do I file for 2019? and do I remove the 1099-R from my Turbo tax 2020 tax return. Will only my husbands taxable amount be penalized 10% since he was not 59 1/2 or will both? Is there an additional 6% penalty added to the 10% for the period from April 8, 2019 (deposits made) to July 14, 2020 (Deposits removed)?
Totally confused what to file for each person on what year and form numbers, how to calculate taxes due, what lines to fill in? Some directions say file form 1040X or Form 5329 or Schedule 2 (1040SR) or 5498 or all of them???. Which forms numbers do I file for each person, what year are the forms from, what lines do I fill in, how do I calculate the taxes for each person owed and do I remove the 2020 1099-R's from my 2020 tax return. Turbo tax said I had to file a 2019 amendment for these 2020 -1099-R's. Since 2019 taxes were files by paper mail this will all have to be done manually.
Also, do I have to file an amendment for 2019 Hawaii State tax as well?
