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Get your taxes done using TurboTax
Brilliant! That makes sense. I was just concerned that I had to somehow go back and report the amount in Box 1 to the IRS on the 2021 taxes, and that I would potentially end up paying tax on that Box 1 amount twice. I was a self employed 1099 contractor, by the way. Because the correct maximum contribution amount was reported and not what I actually mistakenly over-contributed, I paid taxes on the Box 1 amount in 2021. As long as only the gains will be reported going forward so I can amend the 2021 taxes, that’s fine.
July 28, 2022
7:22 PM