I am not sure how to proceed to report excess contributions made in 2020 and would appreciate any advice/assistance. I started paperwork to withdraw the excess in Feb. 2021, but weeks after the submission to my brokerage, I receive notice that the paperwork was not completed correctly. I literally called and talked to different individuals to get this done and resubmitted it 4 times, each time with the brokerage rep's advice on how to complete it. Invariably, it was finally correctly filed AFTER the tax due date, so now I owe for the earnings on the excess amount withdrawn from 2020 that was recharacterized as a 2021 contribution.
When doing my 2021 TurboTax, and entering thee 1099-R, it stated I would need to amend my 2020 tax return. So I began to do that, by selecting "1099-R (withdrawals...) as the reason for the amended return. But in filing out the 1099-R form I received in 2021... and selecting "P" in Box 7... it refers to "return of contributions taxable in 2019" (rather than 2020 as it assumes the 1099-R was for 2020, not 2021. So now I'm unsure how to proceed. It seems this would be a fairly common question, but I am not finding a like scenario in any of the existing support documentation. Thank-you in advance for any advice!
