DanaB27
Expert Alumni

Get your taxes done using TurboTax

Only the earnings should be listed in box 2a as taxable. If you didn't have any earnings while the contribution was in the traditional IRA account then box 2a should be $0.

 

"You won’t have to pay the 6% tax if you withdraw an excess contribution made during a tax year and you also withdraw any interest or other income earned on the excess contribution. You must complete your withdrawal by the date your tax return for that year is due, including extensions." (IRS)

 

"You must include in your gross income the interest or other income that was earned on the excess contribution. Report it on your return for the year in which the excess contribution was made. Your withdrawal of interest or other income may be subject to an additional 10% tax on early distributions discussed in Pub. 590-B." (IRS)

 

@drezki17 

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