Hello,
My husband and I contributed after tax $7,000 each to Trad IRA Accts and then converted to Roth IRA. We received 1099-R in the amount of $7,000 each. We had an excess contribution of $1,791 and we immediately withdrew it, generating a loss of $10.36 on our Fidelity account.
I have entered both 1099-R into TurboTax and I can see the $14,000 under IRA Distributions on my 1040. I have also answered the question about withdrawing the excess before tax date. The Adjustments to income from Schedule 1, line 26 shows $12,209 making my adjusted gross income $1,791 higher.
How do I fixed this?
Your help is greatly appreciated!
Thanks!
Monica
