"She has the option to have the contribution returned as " A return of contribution" before the extended due date with any earnings that attributed to the contribution that the IRS custodial should compute. Only the earnings would be taxable"
Its in her IRA at Bank of America. So if she does this, she would just initiate a transfer to her checking account and then she is free to redeposit it back into the same IRA as a 2021 contribution I assume. If the does this does she still have to declare it on the 2020 return as a non-deductible contribution? If BOA can return it as a return of contribution wouldn't they need to reissue the 2020 1099?
