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1099R IRA DISTRIBUTION

Hello, In January of 2020 I deposited $3000 into my IRA. Subsequently it dawned on me that I had no earned income in 2020, so I withdrew the excess contribution in December of 2020.  1099R shows distribution code 8.

 

How do I record this so it is not taxable. Contribution and withdrawal in same year...should be a wash. Please give me some thoughts.  Thank you

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2 Replies
dmertz
Level 15

1099R IRA DISTRIBUTION

The taxable amount in box 2a of the code 8 Form 1099-R should only be the amount of earnings required to accompany the returned contribution.  The amount in box 2a is taxable.  If the amount on box 2a of the Form 1099-R is equal to the amount in box 1, contact the payer to request a corrected Form 1099-R.  Box 2a of the Form 1099-R should not be blank.  If it's blank on the Form 1099-R provided by the payer, enter a zero in box 2a of TurboTax's 1099-R form; some payer's mistakenly leave box 2a blank to indicate that none of the distribution is taxable and this can confuse TurboTax.

1099R IRA DISTRIBUTION

@dmertz  Thank you, that did the trick...

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