ErnieS0
Expert Alumni

Retirement tax questions

Enter $7,000 as the amount withdrawn before the due date of your return  so you don't get penalized for an excess contribution. This is the amount you contributed and is just needed for TurboTax.

 

Your IRA custodian will report the actual amount withdrawn. Next year you will get a Form 1099-R for that amount.

 

For a more complete discussion: Withdraw Excess Roth Contributions at a Loss

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