Here is how to report your 2021 removal of an excess contribution.
- Open (continue) return if you don't already have it open.
- Inside TurboTax, search for 1099-R and select the Jump to link in the search results.
- Answer Yes on the Your 1099-R screen,
- Click on the box that you are creating a substitute 1099-R
- Then select Continue.
- in order to create a substitute 1099-R, you will need to obtain and name, address, and payer TIN as required so you can record the information properly on the form. You may need to contact the trustee for this information or perhaps you can get information from their website..
The codes you will need for box 7 are J and P. Since this is a Roth IRA the only amount that is taxable are any earnings on the excess contribution. You will receive a 1099-R for the withdrawal in 2022 you do not need to report the information since you have reported it on your 2021 tax return.
Yes, answer yes to the question about making an IRA contribution.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
