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Get your taxes done using TurboTax
If you withdrew your 2022 excess contribution to your Roth IRA before the due date of the 2022 tax return (April 18, 2023), make sure that you also withdraw the related earnings/losses. You have already done this.
On your 2022 tax return, you do not report the excess contribution as it has been withdrawn. The earnings have to reported and taxed in 2022.
If there is a loss, that loss is not deductible.
When you receive the 2023 form 1099-R (in 2024) for this withdrawal, there is no further action needed.
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March 30, 2023
12:34 PM