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Deductions & credits
I appreciate your help, but I'm still confused. I made two withdrawals from my Roth IRA to correct the 2020 excess contribution. The first withdrawal was for the excess contribution. the second withdrawal was for the amount I calculated as being the earnings. Both withdrawals were made in 2022. The gross distribution and the earnings are reported on my 1099R. The amount in box 1 shows the gross distribution. The amount in box 2a is the earnings which I think are taxable. The 1099R information is being entered in TurboTax, but there doesn't seem to be any change in the taxes due. Where do the earnings need to be reported in order for them to be taxed?
March 24, 2023
7:04 AM