Jan 2020 I put in the max amount ($6000) into my Roth IRA. I got married in 2020 and our combined salary was over the limit to contribute to a Roth IRA. I withdrew the $6000 plus the earnings I made in November 2020. I received a 1099-R from my investment firm.
While filing my taxes, and it asks me how much I contributed in 2020 to Roth IRA, do I say $6000, or do I say $0 since I removed the entire amount? I'm also populating all the data of the 1099-R.
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What code is in box 7?
What is in box 2a?
box 7: 8J
2a: 1,500
OK, Just enter the 1099-R. The box 2a is the earnings that will be taxable. Say that you contributed zero since it was removed.
thank you! that was what I was planning based on research!
If my wife contributed $6,000 also but removed it and it's earnings in Feb 2021, does she need to report that she contributed in 2020 or can she put $0 as well in contributions since she removed them?
@Jason03 wrote:
thank you! that was what I was planning based on research!
If my wife contributed $6,000 also but removed it and it's earnings in Feb 2021, does she need to report that she contributed in 2020 or can she put $0 as well in contributions since she removed them?
If removed in 2021 then 1099-R will not come until Jan 2022, but it will be taxable on the 2020 tax return.
That 2021 1099-R should have a code "PJ" in box 7 and the taxable earnings in box 2a.
It would be reported the same way.
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