1984146
The screen titled "Any Excess IRA Contributions Before 2020"
asks: "Tell us if you contributed more money to your IRA than was allowed in 2019 or any previous year"
My situation:
So the question are:
1) am I safe in answering No to the question on this screen based on the fact that all previous excesses are settled.
2) do I do anything with the 1099-R form (my guess is no as that is consistent with macuser_22's answer)
Thank you!
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1) Correct, you will answer "no" to "Any Excess IRA Contributions Before 2020" because you withdrew the the excess contribution (and you had no earnings) by the due date.
2)No, since you entered it on your 2019 return and there are no taxes withheld you do not need to enter it on your 2020 tax return. The code P will not do anything in 2020 tax return.
1) Correct, you will answer "no" to "Any Excess IRA Contributions Before 2020" because you withdrew the the excess contribution (and you had no earnings) by the due date.
2)No, since you entered it on your 2019 return and there are no taxes withheld you do not need to enter it on your 2020 tax return. The code P will not do anything in 2020 tax return.
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