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Retirement tax questions
No, unfortunately, you will have to amend your 2020 tax return because you must provide an explanation for the removal of the excess contribution in 2021.
On your 2020 amended return, Turbo Tax will ask you to "Explain the Return of Contribution" and create that statement for you when you enter the 1099-R. TurboTax will create Form 5329 for you as well.
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March 4, 2022
12:45 PM