Excess Contribution with Loss Roth IRA 2024 (TT showing taxes due on loss amount)
1.I over contributed in Roth IRA 2024. I withdrew the excess amount which had a loss in 2025 befor ethe filing deadline, so it was less than contributed amount. In the income section, I entered a dummy 1099-R with the amount withdrawn (contribution-loss) using J,P for year 2024 and zero taxable in 2a.
Is this the correct action for the above?
2.In the IRA contributions section, I enter the inital contribution and then the excess removed (contribution-loss) when asked. TT is showing tax due on the loss amount.
How am I supposed to enter the above since the loss is not taxable?
TT has defaulted to Deluxe edition (I am assuming) since I have 1099-DIV, 1099-R, 1099-INT with Standard Deduction
Thanks !!!
