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Get your taxes done using TurboTax
I had a follow question about this.
Last year, I removed an early excess contribution to my ROTH IRA and therefore that essentially became an early distribution. The goal was to remove the excess ahead of time to avoid paying a tax penalty. I have a 1099-R for an amount of 260$ and took a loss and so I only got 237.04. I have a PJ code and the form is for 2022. I had the impression that I wouldn't be tax for any early distribution that took a loss from my ROTH IRA as that's a post tax account but turbo tax is calculating otherwise. Am I getting something wrong? Thank you for your time.
Edit*
I want to note that I had already reported this distribution in my 2021 tax year submission, if that changes anything.
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