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Get your taxes done using TurboTax
> you ask the custodian to do the calculation of earnings. using their "removal of excess plus earnings" form.
Thanks - I didn't know there was a specific form for this, and that the brokerage just calculates it for me (I thought I had to calculate it myself and manually withdraw). I got the form & did it that way - much easier!
> the proper amount to enter as withdrawn into TurboTax, if asked, when you have a loss is the amount of the excess.
In TurboTax, the screen looks like this: https://jiij.cc/snaps/2023-04-14_11.37.41.png .
For some easy numbers, let's just say my excess contribution was $1000 and the earnings/loss was -$100 (aka $100 loss). So my brokerage would withdraw $900. The correct value to enter on the page shown in the screenshot would be $1000 in this example, not the $900, correct?
> the proper amount to report on your tax return If you want the retirement savings contribution credit, is your reduced contribution amount that is no longer in excess.
I'm not understanding this final sentence. Is this just rephrasing "the proper amount to enter as withdrawn into TurboTax, if asked, when you have a loss is the amount of the excess"? So again, I only enter then $1000 (and this is not being presented as an alternative option "if I want (some) credit"?)