Hello,
I contributed $7000 towards my Roth IRA in year 2022. But before the year ended, I realized I did not qualify due to sale of a property. Merrill Lynch had me submitted a document to distribute excess contribution for year 2022 before 4/15/2023. They also advised me to check the transactions and let them know if any gains/losses. I calculated it with a loss of $965.19 so they transferred $6,034.81 to me instead of $7,000.
So now I received a 2023 1099R for $6,035 coded JP (J-Early Distribution from Roth IRA / P-Return of contribution taxable in 2022). Per 2023 Turbotax, since this applied to year 2022, this information needs to go on my 2022 return and that I need to file an amendment for 2022.
- Year 2023 return: Do I need to enter any of this on my Year 2023 return?
- Year 2022 return: Since I mistakenly thought it was a WASH transaction – I did NOT report contribution/distribution when I filed last year
- So for the amended return, do I need to report the contribution $7000 to ROTH IRA?
- Then do I report the $7000 distribution or the actual amount I received $6035?
- If I report the amount $6035 received from the 1099R? What about the loss $965 from investment?
- Year 2022: how do I do an amended return?
Your assistance is greatly appreciated :-).
Thank you!
Sally
