Anonymous
Not applicable

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).