DianeC958
Expert Alumni

Retirement tax questions

If you remove the excess before April 15, 2020 go through the section in Deductions and Credits>Retirement and Investments>Traditional and Roth Contributions. 

 

As you go through the screens you will come to a page titled Contributions Withdrawn before Due Date  here you enter the amount you with drew.  By reporting is here you will not have to pay the 6% penalty for the excess contributions.

 

You will receive a 1099-R in 2020 for the withdrawal to be reported on your return for 2020.

 

@brandonpearman

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