- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I followed the guidance in this: https://www.thetaxadviser.com/issues/2020/apr/correcting-excess-contributions-iras.html#fn_25 . However, my situation also had 2019 excess ROTH I did not know about until a 5498 was included in 2020 tax paperwork regarding 2019 ROTH contributions so I was dealing with 2 years of excess contributions plus earnings. For you since the 2021 excess contributions were withdrawn prior to e-filing the return, nothing needs to be done there other than NOT report the excess contributions on the IRA contrib wkst line 19 for ROTH. Then I set up a pseudo 1099-R for the earnings on excess contribution and clicked X on far right that it was a "non-standard" 1099-R. I put earnings in Box 1 and 2a. Code 7 codes used were J and 8.
If you search for 'pseudo 1099-R' in the community, Zazzy has a detailed post on 4-15-2021 for this.
I hope that is helpful! Best wishes on the rest of your tax season.