I overcontributed to my Roth IRA by $2,000 in 2020. I realized this when working on my 2020 taxes this year, so withdrew the excess contribution and respective earnings of $277.50. Now I received a letter from my broker summarizing this transaction. The letter also says:
The amount of earnings returned to you, if any, will be reported as taxable income for the year in which the excess contribution was made. This transaction will be reported on IRS Form 1099-R, which will be mailed to you next January.
If the earnings are supposed to be reported on my 2020 taxes, why will I be getting the 1099-R next January?
I haven't filed my 2020 taxes yet. What should I do going forward?