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Retirement tax questions
Yes you can report the withdrawal of the excess contribution on your 2019 return.
- 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.
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 2020 you do not need to report the information since you have reported it on your 2019 tax return.
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ā€ˇFebruary 16, 2020
6:45 AM