DanaB27 seems to have the answer on this - so I am posting here as well as in the thread...
Hi Dana -
I made an excess ROTH contribution in 2021 (not enough earned income) of $7,000. Doing my taxes in Turbotax in Dec of 2021, Turbotax alerted me to this. I removed the $7,000, plus the profit made before the end of the year 2021. I did this by filling out an excess contribution form provided by Merrill (my broker) documenting all that. I did not report any Roth contribution on my 2021 tax return using Turbotax. Turbotax didn't seem to ask for the details of the excess contribution and the reversal. So, in my mind, it never happened once I took the money out again. Come May of 2022, I get a 5498 from Merrill showing I made a $7,000 Roth contribution for 2021.
Do I need to do anything to let the IRS know that I did take the money back out in 2021?
Thanks!
