@guywong - Thanks for following up.
Between your feedback and my own reading/research, I think i am making progress.
Now one thing i am stuck on a little bit is on the information I need to populate in the 1099-R (2023 issue) that i self-create. Specifically, i=I had mentioned in my original post that:
6. Excess amount was $2900.98 and earnings on that were $50.19 - total $2,951.17.
Now 1099-R Box 1 is Gross Distribution. So that would be $2,951.17. But in the 1099-R Instructions, it says Box 2a is “earnings”. Which per above would be $50.19.
Page 11, under section on IRA Excess Contributions, instructions say the following:
“• For a distribution of contributions plus earnings from an IRA before the due date of the return under section 408(d) (4), report the gross distribution in box 1, only the earnings in box 2a, and enter Code 8 or P, whichever is applicable, in box 7. Also, enter Code 1 or 4, if applicable.”
It says above that Box 2a is “only the earnings”. So do I input $50.19 there or the full ‘$2,951.17?
I have been unable to find anything that provides clarity.
Per your earlier input, Box 7 code would be “P” (1099-R I generate would be a 2023, so that P refers to 2022 which is in fact the Filed Return I am Amending, so good there).
Any further input, please?
