Hi DanaB27,
I have a similar situation like the one mentioned below. The good thing is I just received the distribution information (distribution withdrawn amount and earnings) for my excess Roth contribution, and I can include on my 2020 tax return before filing. So 2a. taxable amount (earning) and 3 (capital gain) meant the same thing and will just be the difference between the total I received minus the total I requested to withdraw, correct? So next year (2022) when I receive the actual 2021 1099R, I only need to report the federal and state withholdings (since these were deducted), and put down the code P & J (if both show) on my 2021 tax return? No need to put down again the distribution and earnings that I file in my 2020 tax return (per my 2021 1099R info), correct? Or due to I have the federal and state withholdings, I cannot file with my 2020 tax return and must file in my 2021 tax return?
Please kindly advise. Thank you!!
