I have determined that I have excess contribution in my Roth IRA for tax year 2021 when filling out my return. I have removed the excess contribution (and earnings) from my Roth IRA and moved it to a individual brokerage account. Since the excess was removed in Feb 2022 ( for the tax year 2021), I was told by my financial institution that I will receive a 1099-R next year (2023).
My situation is basically as shown in Option 2 in the below link.
What happens if I made a Roth IRA contribution but my modified adjusted gross income exceeds the lim...
The above link says
"If you haven't filed your 2021 return yet, you can report it now and ignore the 1099-R you receive later (unless there's Box 4 Federal Tax withholding and/or Box 14 State withholding.) Then you must enter the 2022 1099-R into the 2022 tax return since the withholding is reported in the year that the tax was withheld. The 2022 Code P won't do anything within the 2022 tax return but the withholding will be applied to 2022."
I was planning to file my 2021 return and report excess now, and ignore 1099-R that I will receive in 2023. ( based on what the above link says)
My question is -
-Since I do not have a 1099-R for 2021, but I am filling this form in turbotax, do I check the box "I need file a substitute 1099-R" which would then force me to file a Form 4852? Or do I just choose " None of these situations apply".
-I am basically filling a 1099-R form in turbo tax without actually receiving this form. Do i need to do something different in turbotax, to let IRS know that I have not received1099-R form?
( I have already received the information from my financial institution so I know all the numbers I am entering in the 1099-R section in turbo tax is correct. Also to note, I do NOT have Box 4 Federal Tax withholding and/or Box 14 State withholding ).
