The return of contribution will be reported on a 2022 Form 1099-R that will include code P in box 7 to indicate that it is reportable and taxable on your 2021 tax return. You can either make the entry of this Form 1099-R into 2021 TurboTax as if you have already received the form or you can omit it from your originally filed 2021 tax return and amend your 2021 tax return to add it when you receive this Form 1099-R in January 2023. You only need to do this if there are gains attributable to the contribution being returned.
