Help with Excess Contribution to IRA

Forum|Forum|5 years ago
April 5, 2021
1 reply
0 views

I’ve made an IRA excess contribution in 2020, and just withdrew the excess amount. My broker noted that the 1099-R form will be issued in 2022, and I would not receive any additional form this year related to the contribution or the withdrawal.

Could you please let me know how I should report the items noted below in TurboTax:

- Initial contribution

- Excess amount withdrawal

- Earnings on the excess amount

Thanks,

macuser_22

Alumni - Champ

Have you received the refund plus earnings? What type of IRA - Traditional or Roth?

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

RA2021Author

Level 2

I have received the refund plus earnings, minus about 10% federal tax on earnings. This is a tradational IRA.

macuser_22

Alumni - Champ

Then unless you know form the IRA trustee what codes they will put in box 7, you should wait for the 1099-R that might require amending 2020 to report it.. But the tax withheld will be reported on yiur 2021 tax return if it was returned in 2021.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**