DianeC958
Expert Alumni

Retirement tax questions

Yes you can report the withdrawal of the excess contribution on your 2019 return.

 

  1. Open (continue) return if you don't already have it open.
  2. Inside TurboTax, search for 1099-R and select the Jump to link in the search results.
  3. Answer Yes on the Your 1099-R screen,
  4. Click on the box that you are creating a substitute 1099-R
  5. 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.

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"