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Get your taxes done using TurboTax
Tax Expert DaveF1006 is referring to what to enter on the penalty screen during the IRA interview. Here you will enter the contribution amount of $6,000 to show that you removed the full excess contribution amount (as I mentioned in my post as well).
But the distribution amount in box 1 on the 2023 Form 1099-R will be the amount you received (distributed to you) which should be the contribution amount minus the loss. If you enter the 2023 Form 1099-R for the withdrawal of excess contribution minus loss then you will enter $5,500 for box 1 and $0 for 2a.
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‎April 5, 2023
9:22 AM