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Hi macuser_22
I am tuning into the same situation as the gentleman you have assisted here with the issue of reporting a withdrawal of excess and earnings of a Roth IRA contribution.
Your answer as to how to report it is the only one I found online that makes sense, at least to me, and I thank you for it.
I am going thru this with the same issue but on 2019 Tax year. My entire contribution to my Roth IRA is being considered an excess because I had no income other than profit on stock sales and a traditional to Roth rollover.
I believe I understood how to enter this mockup 1099-R now for 2019 (in order to ignore the one that will be issued on 2021 for the 2020 tax year); but my question is:
do I still have to report the Roth IRA contribution on form 5498 that turned out to be an excess contribution?
Hi macuser_22
I am tuning into the same situation as the gentleman you have assisted here with the issue of reporting a withdrawal of excess and earnings of a Roth IRA contribution.
Your answer as to how to report it is the only one I found online that makes sense, at least to me, and I thank you for it.
I am going thru this with the same issue but on 2019 Tax year. My entire contribution to my Roth IRA is being considered an excess because I had no income other than profit on stock sales and a traditional to Roth rollover.
I believe I understood how to enter this mockup 1099-R now for 2019 (in order to ignore the one that will be issued on 2021 for the 2020 tax year); but my question is:
do I still have to report the Roth IRA contribution on form 5498 that turned out to be an excess contribution?
yes
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