I had an excessive contribution in my Roth IRA account.
I've gone through the excessive contribution withdrawal process and move the money to a traditional IRA in June last year. I also paid 6% penalty for excessive contribution every year the money is in my Roth IRA.
My 1099-R looks has this amount coded J. I imported this document into Turbotax and it looks like Turbo is treating this withdrawn amount as income and shows I need to pay tax on it.
Does that sound correct?
Side question: My financial advisor put money into my Roth IRA for me. I am actually not eligible because I live abroad. I ended up paying a hefty penalty. Just curious if anyone knows if there is any legal ground I can seek help here.
