I contributed $4500 to T. IRA and $2500 to Roth for 2020 tax year. I'm 34 . I requested my brokerage firm to remove $1000 excess contribution and $300 gain.

rzhamkochyan · ‎February 8, 2021

How should I enter it in the TurboTax? As I know I am going to get 1099-R in 2021 for my 2020 distribution. Do I have to still report that $300 gain in my 2020 income, even though it would be reported in 2021 1099-R?

macuser_22 · ‎February 9, 2021

"Do I have to still report that $300 gain in my 2020 income, even though it would be reported in 2021 1099-R?"

Yes and yes.

Do you know exactally how it will b e reported? (A Roth or Traditional IRA return and what code the IRA custodian will use in box 7 on the 1099-R)?

This *can* be reported now with a "dummy" 1099-R but only if you *know* how it will be reported. Roth and Traditional IRA's returned contributions are reported with different codes.

**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.**

Expert does your taxes

Do it yourself

Resources

Support

I contributed $4500 to T. IRA and $2500 to Roth for 2020 tax year. I'm 34 . I requested my brokerage firm to remove $1000 excess contribution and $300 gain.