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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?

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1 Reply
gloriah5200
Expert Alumni

where to report earnings from corrected excess IRA contribution

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

 

 

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