DanaB27
Expert Alumni

Deductions & credits

There are no other methods available to you. But before you make the contribution you should check with your financial institution why they didn't include any earnings when they returned part of the contribution. I agree with dmertz that if you requested the return of contribution then this should have included the earnings. Please confirm (as dmertz stated) with your financial institution the details (particularly boxes 2a, the marking of either of the boxes in box 2b, and the code in box 7) of the 2023 Form 1099-R that you'll be receiving in 2024.

 

If this is indeed the return of the contribution plus earnings then you would be able to able to make another IRA contribution but if you receive a 2023 Form 1099-R showing this as a regular distribution without earnings then you cannot make another contribution because in this case, you didn't get a return of the contribution and already contributed the maximum of $6,000 for 2022. 

 

@Lilin 

 

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