- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
If you filed the correct form with your financial institution and requested the withdrawal of excess contribution plus earnings then they should have calculated any earnings or losses and sent you the distribution. If you received more than the contribution amount then you had earnings if you received less then you had losses. You might want to contact your financial institution to verify that this was processed correctly.
"For purposes of determining excess contributions, any contribution that is withdrawn on or before the due date (including extensions) for filing your tax return for the year is treated as an amount not contributed. This treatment only applies if any earnings on the contributions are also withdrawn. The earnings are considered earned and received in the year the excess contribution was made." (Pub 590-A).
Yes, since you made a traditional IRA contribution for 2022 you will enter it with the steps mentioned previously. And will have a 2022 Form 8606 with the basis on line 14 and this will carry over to your 2023 tax return when you report the conversion.
**Mark the post that answers your question by clicking on "Mark as Best Answer"