Solved: Reporting excess Roth IRA Contribution

CRL · Feb 10, 2021 8:16:44 AM

For tax year 2020 I contributed after-tax dollars to a Roth IRA account to later find out I was not eligible to make this contribution. To avoid the 6% I reached out to the brokerage company in 2021 and have already withdrawn the contributions along with the earnings on them. They informed me I would receive a 1099-R in 2022 that indicates this access contribution removal, but I should report the earnings as income on form 1040, and fill out form 5329 for my 2020 return. This leads me to a few questions:<OL><LI>Is the advice on what forms to complete correctly?</LI><LI>If the answer to 1 is "Yes", how can I achieve this using TurboTax Premier 2020 Desktop Version</LI><LI>Since I am under the age to make withdrawals I believe I owe a 10% penalty on the earnings. Where should this be reported?</LI><LI>Within the federal deductions & credits section, I see an option to report contributions to a Roth IRA. Should I complete this questionnaire even though they have been withdrawn, and will this ultimately complete form 5329 and other needed forms for me on the backend?</LI></OL>Thanks in advance for the help!