Help with Excess Contribution to IRA

Forum|Forum|5 years ago
April 5, 2021
1 reply
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I’ve made an IRA excess contribution in 2020, and just withdrew the excess amount. My broker noted that the 1099-R form will be issued in 2022, and I would not receive any additional form this year related to the contribution or the withdrawal.

Could you please let me know how I should report the items noted below in TurboTax:

- Initial contribution

- Excess amount withdrawal

- Earnings on the excess amount

Thanks,

macuser_22

Alumni - Champ

Have you received the refund plus earnings? What type of IRA - Traditional or Roth?

**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.**

RA2021Author

Level 2

I have received the refund plus earnings, minus about 10% federal tax on earnings. This is a tradational IRA.

RA2021Author

Level 2

Thanks for the clarification. So, assuming IRA trustee will not provide the 1099-R this year, if I want to create the 1099-R form for 2020 filing, do I need to use code 8 or P in box 7 to report it for this year?

The excess amount was contributed in 2020 and has been withdrawn/corrected in March 2021.

macuser_22,

Could you please review the question here?

The excess amount was contributed in 2020 and has been withdrawn in March 2021. Assuming IRA trustee will not provide the 1099-R this year, if I want to create the 1099-R form for 2020 filing, do I need to use code 8 or P in box 7 to report it for 202 return?