DianeC958
Expert Alumni

Retirement tax questions

The 1099-R you received for the over contribution needs to be entered as a 1099-R, this will have the program calculate the 10% penalty for early distribution.

 

The only part of your distribution that would receive the 10% penalty is the amount of earnings on the excess contribution.  Since it you are removing the over contributed amount from a Roth account the amount you contributed to the Roth account is not taxable when you remove it.

 

@CarloP

 

 

 

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