I made a $7000 contribution (max for my age) to my Traditional IRA in Feb. 2022 for 2021 tax year. The contribution turned out to be non-deductible due to high income for the year. Using TurboTax, I filed 2021 tax return prior to April due date with form 8606. I realized I had until Oct. 2022 to have the funds returned to me without tax consequences. I requested a withdrawal of the $7000. My Custodian returned $7000 to me in Sept. 2022 (no gains, since there was a loss) under Excess Contributions. First question to clarify terminology:
*Are non-deductible contributions considered Excess contributions once determined non-deductible?
From reading IRA forms/instructions, I understand I have to file an amendment for my 2021 tax return. Using TurboTax:
*What forms do I need to fill/modify?
*Should I modify/create form 8606?
*How about 1099R, since I don't have one for 2021?
*Where do I report losses?
*What else do I need to do?
Thank you all in advance for your help.
