Hii MarilynG1
I'm hoping you can help me.
I put 6,000 in a traditional IRA in 2021. I just found out I have no earned income so it is in excess. My bank is in the process of withdrawing the contribution and earnings and it will hopefully happen before the 18. I have not yet filed. I dont think they will generate a 1099-R for me that quickly but they will tell me the earnings and probably other things if I know to ask them after they put it though in a couple of days.
Its my understanding that since I am not claiming a deduction and that I am withdrawing the contribution and earnings, that I only need to pay tax on the earnings as gross income (probably only 0-100$). How do I put the earnings in as gross income?
Also in "deductions and credits", since I will have already withdrawn the contribution and I'm not getting a deduction do I put that I contributed to a 2021 Traditional IRA, 6,000$?
Do I need to I fill out a form 5329 or do I just do a mock 1099-R?
Is it an option to not fill out anything as far as IRA, as long as my bank withdraws it and then wait on the 1099-R ill get nest tax year, I'm not so concerned about the 100 earnings being hit with 10 or 6 percent or losing it all as long as, it doesn't upset the IRS and my withdrawn contribution isint getting hit with any penalties.
I'm 40 if that matters.
THANK YOU SO MUCH!
