Hi Metlife/turbotax experts,
For 2023 I contributed an excess of 6500 to my roth ira. I realized that I overcontributed and so I withdrew the 6500 + earnings made through vanguard. However vanguard gave me an option to withhold 24% of the earnings for tax, which I selected & so i received 6500 + earnings - 24% to my bank accounts. I want to file the 1099-r as part of my 2023 tax return and Turbotax suggested i input it as a 1099-r where box 1 = 6500 + earnings - 24%, box 2 = earnings-24% & select p & j. I know that this is to account for the 10% that should be taken from the earnings due to withdrawing early from a roth ira but does filing this way also take into account the 24% that was already withheld ? If not, how can i properly file this 1099-r for 2023 such that it takes into account the 24% that was withheld?
