Excess Roth funded 3/3/20 (2020) - removed 3/8/21

Forum|Forum|4 years ago
March 22, 2022
1 reply
0 views

Hello and thanks in advance for your help.

I overfunded my 2020 Roth on 3/3/20 by $300. This excess was removed on 3/8/21. I received a 1099R for 2021 with Dist. codes P and J. Box 1 Gross Dist is $355.22 and box 2a - taxable amount is $55.22, Fed tax of $5.22 withheld. The code legend states this is for 2020 and turbo tax informs me to amend my 2020 return.

The brokerage letter, dated 3/8/21, confirming removal of the excess states the request was received before tax filing deadline. It further states that I may need to file form 5329 with the return. Is this filed with the 2021 return?

I tried to amend the 2020 Turbo tax return, using the 2020 software still on my PC, and when I entered the info it states to amend 2019. Very Confusing.

I also can't locate my filed return (filed on-line with Deluxe CD version). It makes me reset my PW and states no returns were filed yet.

Any and all help is apprecaited.

Thanks

DanaB27

Level 15

When you amend your 2020 tax return then after you entered your Form 1099-R with codes P and J, TurboTax will ask what year is on the Form and you will select 2021. Then TurboTax will apply it correctly to 2020.

Open your 2020 amended return
Click on the "Search" on the top right and type “1099-R”
Click on “Jump to 1099-R”
Enter your 1099-R information
Click "Continue"
On the "Which year on Form 1099-R" screen say that this is a 2021 1099-R.
Click "Continue" after all 1099-R are entered and answer all the questions.
Continue until "Did you use your IRA to pay for any of these expenses?" screen and enter the amount of earnings under "Another reason" if you are over 59 1/2 (if you are under 59 1/2 click "Continue")

Please be aware, code P will say in the drop-down menu "Return of contribution taxable in 2019" you can ignore that since the follow-up question will tell TurboTax that it will be taxable in 2020.

Yes, if you are under 59 1/2 the earnings are subject to the 10% early withdrawal penalty, it will be calculated on Form 5329.

In regards to the missing file please contact customer service. Please see What is the TurboTax phone number?

[Edited 3/22/2022 | 5:08am PST]

@DPNJ

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

DPNJAuthor

Level 4

Thank you kindly. I will try.

Can you elaborate on logging into Turbo Tax. Do you mean open the 2020 application and work within? When I log into the Intuit account and click to view the return on the bottom, it states I have not filed a return yet.

Thank you in advance.