Level 1

How to report taxable earnings from removing excess IRA contributions

Forum|Forum|4 years ago
March 30, 2022
2 replies
9 views

I made an excess IRA contribution in 2020 when I prepared my 2020 Tax Return. And immediately I removed the excess contribution before I filed my 2020 tax returns.

I received a 2021 Form 1099-R showing this distribution and its taxable earnings with a distribution code 7..Taxable in 2020. When I download this 1099-R, TurboTax does not include this taxable earning in my 2021 tax returns.

How do I report this taxable distribution, i.e. the earnings?

This topic has been closed for replies.

C

Chris268

Level 4

Prepare an amended 2020 tax return.

qbteachmt

Level 15

You seem to be lost on the internet.

You’ve come to a Peer User community for Intuit Income Tax Preparation products supporting tax preparation professionals using ProSeries, Proconnect and Lacerte Tax Preparation programs, and you may be looking for support as an individual taxpayer using TurboTax. Please visit the TurboTax Help site for support.

And try this screen, for the various topics (subforums): https://ttlc.intuit.com/community/discussions/discussion/03/302

Your sign in user info here is the same one you can use over at the TurboTax forum.

Thanks.

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