I am in a similar situation and I stumbled upon this post while searching thru the forums for an answer to my situation.
I inadvertently made an excess Roth contribution ($7000) for tax year 2020. I withdrew the amount yesterday (Jan 22). Now, I understand I need to file an amended return for 2020. My Roth IRA brokerage is saying that I will receive a 1099-R only in 2023.
My questions are as follows :
1. For 2020, do I need to withdraw both the excess contribution ($7000) and the NIA (earnings)? I read somewhere, that withdrawing only the excess contribution is enuf, earnings need not be withdrawn.
2. Since I am below 59.5 years of age, will this withdrawal of excess contribution ($7000) attract an early withdrawal penalty. I was under the impression that the early withdrawal penalty for a Roth account is only applicable to the EARNINGS and not my contribution (which has been already taxed). And since I have not withdrawn any earnings, do I still need to pay Early Withdrawal Penalty on my contribution only.
3. Can I file the amended 1040X for 2020 now, even without the 1099-R. In that case, what would be my explanation?
