Here is the first question.... updated to be a bit more clear:
My first question is in regard to responding to TurboTax questions ....not a form...so there is no "Box 1" reference, just a question posed by TurboTax when it determines I made an excess contribution....
Under Personal/Deductions & Credits / Traditional and Roth IRA Contributions I follow the TurboTax steps to report my Roth contribution:
Select Roth IRA
Enter $7,000 as Roth Contribution for 2021
Tell us if you contributed more to a Roth IRA than was allowed in 2021 – YES
Your excess Roth IRA contributions – enter $7,000
Roth Value on 12/31/2021 - enter $< value>
TurboTax states: You have an Excess contribution of: $6,498
Contribution withdrawn before due date of you return - NOT CLEAR ON WHAT AMOUNT TO ENTER??? QUESTION: is the withdrawn amount the Net NIA formula figure = total contribution less the Roth loss? OR the total contribution of $7,000 OR the excess amount computed by Trubotax ($6,498)??? I assume the NIA net figure, but it is not clear to me based on the Turbotax question as posed - It would be helpful if the question posed by Turbotax specifically stated the withdrawal is based on the IRS's NIA formula which factors in any gain or loss produced by the excess contribution - if that is the intent of the question.
