Hi,
I have some questions regarding the details of this process. Like many here, I made a contribution to my Roth IRA for 2021, which I discovered recently in 2022 was entirely disallowed. I submitted a form to my custodian to remove the excess and am waiting for them to remove it so I can know the amounts to fill in on lines 1 and 2a of the mock 1099-R. On the removal request form, I elected to withhold federal tax on the earnings at 10%, and I elected not to withhold state tax because I live in New Jersey and I believe this is not required.
- What would be my recourse if my IRA custodian fails to remove the excess before the tax filing deadline? Could I file for a (fed & state) extension, and does TT charge for e-filing for an extension and later e-filing the return? I am using Premiere desktop edition.
- On the 1099-R I am creating in TT, under State Information, what should I put in boxes 14-16? Can I leave them all blank? In particular, what is box 16 (State Distribution Amt)?
- Several screens beyond this form, TT asks "Where Is This Distribution From?". I believe I should say "None of the above". Just beneath that on the same screen there are boxes asking for these items:
- New Jersey Distribution Amount
- New Jersey Withholding
- Payer's NJ State ID No.
I think these are asking for the same values as 1099-R boxes 14-16. Is that correct? But I don't know what to put in them.
Thanks for your help @DanaB27 and others on this thread.
