DanaB27
Expert Alumni

Retirement tax questions

You will enter during the IRA contribution interview that you withdrew the 2020 excess contribution by the due date (to confirm both contributions were for 2020?). This will remove the penalty on Form 5329 from your 2020 tax return.

 

  1. Click on "Search" on the top right and type “IRA contributions”
  2. Click on “Jump to IRA contributions"
  3. Select “Roth IRA
  4. Continue until the penalty screen and enter the excess contribution amount withdrawn (without considering earnings or losses).

Please see How do I amend my federal tax return for a prior year?

 

Please delete the excess contribution that was carried over to your 2021 and 2022 tax returns during the IRA contribution interview.

 

To confirm, you entered the 2021 Form 1099-R with codes P and J on your 2020 tax return because this was an excess contribution for 2020. A 2021 Form 1099-R with codes P and J won't do anything to your 2021 return because it belongs on your 2020 tax return.

 

 

Please see What happens if I made an excess Roth IRA contribution for additional information.

 

@rsyed

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