I made an excess IRA contribution in 2020. I've requested my broker to remove the excess plus gains. Where in TT do I enter this gain without a 1099-R?

[halst6]

Thank you, Linda!

Should I enter code 8 for both IRA and Roth IRA excess contribution returns/removals?

[LindaS5247]

You should enter your Forms 1099-R exactly how they are shown unless you have reason to believe they are not correct.  If you believe they are incorrect or need clarification, contact your issuing financial institution for more information.

[halst6]

Thanks, Linda.

Because I removed the 2022 contribution in 2023, I will not get the 1099R until next year. So I'm entering the 1099R before an actual form is received.

[MichaelG81]

Only enter forms for the tax year it is designated. Do not make up a 1099-R, if you feel it is incorrect contact your financial institution and follow their reporting procedures and ask them for a corrected one if needed.

Just need to let TurboTax know that your removed the excess amount for no penalty before your filing deadline, generally April 15th, 2023, in the interview section for the form, or when it tells you how much your excess contribution was.

@halst6 

[halst6]

Thank you, Michael!

Follow Turbotax step by step, Turbotax is making me enter a 1099R. My option is either to import from my bank or brokerage or, type it in myself.

Turbotax then make me select one of four 1099R forms.

There is a check box for "I need to prepare a substitute 1099R", which will get you to form 4852.

Turbotax will only let you go to form 4852 after you have entered 1099R first.

That's why I was searching for what to do here, and I saw  @macuser_22's post about how to enter a 1099r without actually having it.