Thanks. This makes things much clearer to me now. My account custodian has withdrawn the excess contribution. I actually had a loss. Since I won't have a 1099R until next year, I wanted to confirm that I'm filling out the substitute 1099R correctly. My excess contribution is $7,000, the withdrawal amount is $6820 because I had a loss of $180. For box 1, I entered $6820; box 2a taxable amount – 0; box 2b, I checked “total distribution”; box 7 – code 8 “return of contribution taxable in 2022”; Do I check the box “IRA/SEP/SIMPLE” next to box 7? Where do I enter the loss of $180? box 3 is for capital gain, but negative number is not allowed.
At the end, TurboTax asked me if I want to fill out a Form 4852 for funds received in 2022. Since I received the withdrawal in 2023, I don't need to fill out this form?
Is the Substitute 1099R the only form I need to fill out? Also, am I correct that I do not need to complete the “IRA contributions” under “Deductions and Credits” (even though my custodian has previously issued a Form 5498 showing the contribution and won't be issuing a corrected one)?
Finally, I have a separate but related question: I transferred 401K to a rollover IRA in 2022 while I was a NJ resident in 2022. I moved to FL in December 2022. How do I answer the question: did you receive this 1099R while you were living in one of the following states? Since the question is about residency when I received 1099R, not when I did the rollover, I should say FL?
Thank you very much!
