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You can report the withdrawal of the excess contribution on your 2020 return.
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 2021 you do not need to report the information since you have reported it on your 2020 tax return.
If you withdrew the complete contribution with all earnings then you do not have to include the contribution on your tax return.
You can report the withdrawal of the excess contribution on your 2020 return.
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 2021 you do not need to report the information since you have reported it on your 2020 tax return.
If you withdrew the complete contribution with all earnings then you do not have to include the contribution on your tax return.
Thank you Ray! I did remove the entire excess contribution and submit based on your instructions. However, I notice the 1099 R Substitute is not included in the 1040 summary. Should it be? If so, I may have made a mistake.
Yes, the total distribution should be on line 4a and the earnings should be on line 4b (taxable amount) of Form 1040.
Please enter the distribution as a regular 1099-R since you might not be able to e-file with a substitute 1099-R.
To create a 1099-R in your 2020 return please follow the steps below:
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