I'm retired (no Earned Income). I incorrectly thought I could open and contribute to a Roth IRA.
I opened the Roth IRA (via ETrade) in Nov'2021 with $7,000 cash contribution from an existing personal Saving Acct (after-tax account). Then, in this Roth IRA Etrade account, I bought 4 ETF Investment funds. ($6,810.03 Investments and the remaining $189.97 in cash). By the end of Dec'2021 it was worth $7,036.48
Very early in Jan'2022 (via TurboTax) I realized I was not allowed to Contribute because I had "No Earned Income". So, discovered (I think) that it was proper to Withdraw Excess Contribution. So, I did. I transferred all of the Investments and Cash to my personal (non-IRA) brokerage account from the Roth IRA account.
I did not report any of this Roth IRA Contribution and/or Withdrawal on my 2021 Tax filings.
Now, I've received a 2022 1099-R for my Roth IRA account with an amount $6,898.00 in Box 1, and Code P & J in Box 7.
Your help and suggestions would be appreciated. Thanks in advance.
