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Removal of Excess Traditional IRA Contribution
In FEB 2023, I made $7500 contributions to my and my spouse's trad. IRA's but was ineligible to do so as we would not receive W-2's in 2023, just 1099's (retirement income). Without contacting the broker, I withdrew both contributions on my own to correct the problem. Now, I received 1099R's from broker indicating that my withdrawals were "normal distributions" which are taxable. How do I use TurboTax to show that my Excess Contributions were removed (with no gain/loss) quickly after making them in early 2023? I just want to zero out the mistake and explain away the 1099R received from my broker. Thanks!!!
‎February 1, 2024
12:22 PM