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Which IRA tax form is required for an improper Roth IRA contribution due to high Adjusted Growth Income?
Hello,
In early February 2020, I contributed $7000 to my Roth IRA. Within two weeks of making this contribution, I realized that my Adjustable Gross Income (AGI) doesn't allow me to contribute to a Roth IRA. Accordingly, I withdrew these $7000 from the account.
Two weeks ago, my broker sent me a 1099-R form which included a distribution of $7000 which took place in February 2020.
What I would like to know is which form I need to complete to demonstrate to the IRS that the contribution was made in early February 2020 and then withdrawn before the end of February 2020 and is therefore a wash, in order to avoid having to pay additional taxes?
March 9, 2021
10:07 PM