Yes, to avoid the excess contributions tax:
- withdraw the 2019 excess contributions from your IRA by the due date of your individual income tax return (including extensions); and
- withdraw any income earned on the 2019 excess contribution.
Yes, you will receive the 1099-R in 2021 from your banking institution.
Yes, you will enter the removal of the excess contribution plus earnings into TurboTax like DianeC958 mentions above. When you get the form 1099-R in 2021 you can ignore it unless it shows federal tax withheld.
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