DanaB27
Employee Tax Expert

Deductions & credits

If there were no earnings connected to the $1,000 contribution and you had a loss instead then you should be ok since you removed the contribution. You might want to verify with your custodian that there were in fact no earnings related to the $1,000 contribution. When TurboTax asks about the excess contribution withdrawn by the due date then enter the full $1,000 (without earnings or losses).

 

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