I contributed $7000 (that is allowed for my age) to my IRA that turned out to be non-deductible. Turbotax filled out form 8606 for me. Now I like to reverse the contribution but don't know how to report the reversal on my taxes. The $7000 has not been invested, so there is no gain/loss from it. I understand I can request the reversal through my investment advisor.
1 - Is the reversal considered distribution?
2- Do I need to report the reversal on taxes?
3- How do I report the reversal on taxes?
4- Is 8606 still needed when contribution has been reversed?
Thanks in advance for any help.
