I mad $360 excess contributions to my roth IRA in 2020, I had the 360 removed and the extra earnings removed in FEB 2021. how do I claim the excess earnings?

[yancy350]

I would like to claim the additional income in 2020 so I dont have to amend in 2021 when the 1099R comes. how do I do that?

[DanaB27]

Please follow these steps to create a 1099-R to include the earnings from the excess contributions on your 2020:

1. Login to your TurboTax Account 
2. Click on the Search box on the top and type “1099-R”
3. Click on “Jump to 1099-R”
4. Select "I'll type it in myself"
5. Box 1 enter total distribution (contribution plus earning)
6. Box 2 enter the earnings
7. Box 7 enter P and J 
8. On the "Which year on Form 1099-R" screen say that this is a 2021 1099-R.

Please be aware, if you had taxes withheld then you will have to enter the 1099-R also on your 2021 return to get credit for the taxes paid. 

[yancy350]

do I need to mark that it is a substitute 1099R?

[DanaB27]

No, if you mark it a substitute 1099-R then you might not able to e-file your return.

[yancy350]

all worked except the Payers TIN # this is my first year with this company so can I just call them for that info? 

[DanaB27]

Yes, you can contact your bank for the Payers TIN #.