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Get your taxes done using TurboTax
I made a roth contribution ($6000) on January 2022 for my 2021 roth. In March, I contacted my financial instiution to withdraw the excess roth contribution (resulted in a loss-$5600) due to my income exceeding the limit to contribute.
From reading this thread, it seems like my approach would be to be to create a mock 1099-R to report the distribution of the excess roth. The codes I would use for Box 7 is JP, Box 1: 5600 and 2a: 0, is that correct?
If I were to hold off and wait until 2023 for my 2022 1099-R, and then use it to file for 2022 tax, would that make a difference? I assume no amendment would be needed for 2021 tax as there were no earnings from the excess roth distribution?
Does both option work or does the latter approach create more problem down the line?