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Get your taxes done using TurboTax
Thanks for the expedient reply @DanaB27 . Appreciate you confirming about my tax liability if there's a loss with my excess contribution.
The distribution I got in 2022 is being reported by tax turbo as taxable in the form 5329 calculation. The 237 amount is what I had reported in my tax year 2021's 1040 and 1099-R (the idea was that I wanted to remove the excess amount before filing deadline of my 2021 taxes in 2022).
But it's showing up again in my 1099-R for 2022 tax year but being just considered as a excess contribution not a distribution. My 1099-R also mentions a 50$ early distribution which deducted from my tax liability because it was an excess that was carried over from my 2020 tax amendment.
I simply imported my 1099-R forms straight from fidelity. Is there something I filled out incorrectly? Thank you for your time.