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IRA contribution without earned income - fixed before filing taxes 2023
I had to return/withdraw my 2023 IRA contribution (traditional) - that I made in January 2023 for 2023. I realized that I had no "earned" income. January 2024 when doing my taxes I withdrew the original amount plus some calculated earnings which I did (full year on that amount). After reading something here on how to handle this on my 2023 tax return - I am now confused. Fidelity won't issue any 1099 for the tax year 2023 because it happened in 2024. Should I wait until 2024 to deal with this or print off my own self reported 1099 filled out showing the distribution, earnings etc. The contribution was January 2023 and I am fixing the mistake in January 2024. Thank you.
‎February 8, 2024
12:11 PM