I had to return/withdraw my 2023 IRA contribution (traditional) - that I made in January 2023 for 2023. I realized that I had no "earned" income. January 2024 when doing my taxes I withdrew the original amount plus some calculated earnings which I did (full year on that amount). After reading something here on how to handle this on my 2023 tax return - I am now confused. Fidelity won't issue any 1099 for the tax year 2023 because it happened in 2024. Should I wait until 2024 to deal with this or print off my own self reported 1099 filled out showing the distribution, earnings etc. The contribution was January 2023 and I am fixing the mistake in January 2024. Thank you.
see reply to your other question
did you use the "return of excess and earnings" form to do this?
No. Should I put it back in and then take out again using the form?
I have requested the proper accounting with a letter and the excess form as you mentioned. Just got off the phone with Fidelity. So the 1099 I’ll get next January will be correct and I won’t deal with the earnings until then but it’s out of the Ira in time for this tax year.
Correction I’ll deal with the earnings this year. Many thanks for posts setting me in the right direction. @fanfare