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Retirement tax questions
Just to provide an update. My employer had no involvement and told me to work with Fidelity.
I received my 1099-R, and although the Roth excess was $600, it saw a loss of around 5%, so the gross distribution was only $570. Fidelity suggested I report the other $30 as a negative amount in the "Other Income" section when filing my taxes. I don't see how that would be reportable or what it would be classified as.
Also, from the IRS' perspective, I don't quite understand how this still wouldn't be an overcontribution by $30 (the amount not returned back to me).
‎February 4, 2023
6:24 PM