Dear fanfare:
Here are the facts:
(1) I retired in 2011 and have no earned income since then.
(2) In 2020, I made a $750 excessive IRA contribution; in 2021, a $6270 excessive IRA contribution. (I have Form 5498 for both years)
(3) On 02/14/2023, when I was 62 years old, I withdrew all the excessive contribution $7020. According to my broker, I earned $750 on my excessive contribution. I did not have 1099-R reflecting the withdrawal until January 2024.
(4) On 01/06/2024, I received the corresponding 1099-R, which shows:
Gross distribution $29,227.70
Taxable amount $22,207.70
And the difference between the two is $7020
Q: how do I report excessive amount $7020 using 2023 TurboTax?
Note: Last August I asked for your help. But I did not file an amended return because I did not have the 1099-R showing the withdrawal yet at that time.
