Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 3
posted Feb 16, 2021 6:16:59 AM

where to report earnings from corrected excess IRA contribution

I just had to take back an erroneous ("illegal") rollover contribution to my SEP IRA for 2020. I haven't filed yet, so I know how to report the distribution and I know there won't be a fine (I'm over 59 1/2). However, I can't figure out where in Turbotax to put the earnings amount. The IRS just says to make sure it's included in income. Any idea where this amount goes?

0 1 390
1 Replies
Expert Alumni
Feb 22, 2021 12:01:30 PM

It should be reported as a withdrawal from a retirement plan (the earnings) and be taxable.