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Get your taxes done using TurboTax
Because I had no earned income I was ineligible to contribute to my Roth IRA in 2021. However I contributed $3000 in December. I withdrew the excess contribution in February of 2022. The amount calculated by the brokerage was $2783.50 showing a loss of $216.50. When doing the 1099-R what do I put in Box 1, the original $3000 or the $2783.50? What to I put in box 2a, a negative $216.50 (loss) or some other amount? Do I put anything in box 3? Do I put a check in the IRA/SEP/SIMPLE box?
March 18, 2022
12:27 PM