Hi - thanks.
... I assume that your total $29,000 of Roth IRA contributions was made over at least 5 years because the annual contributions have been limited to $5,500 or $6,000 in recent years. I say this to make sure that you are not confusing a Roth 401(k) and its higher contribution limits with a Roth IRA.
I realize I have to explain further and looks like I complicated things.
- In 2020,
- I contributed $7K to my Fidelity Roth IRA
- I also contributed $22K to my employer's Empower Roth IRA
- In 2021, no contributions to either Roth IRAs
- In 2022,
- I switched jobs and moved my $22K plus earnings from my employer's Empower Roth IRA to my Fidelity Roth IRA $7K plus earnings (now there is $29K of contribution in my Fidelity Roth IRA)
- I closed my employer's Empower Roth IRA
- I withdrew $29K from my Fidelity Roth IRA to pay for college and left earnings in the account
- In 2023, I received two 2022 Form 1099-R's
- Empower Box 1 $25K, Box 2a $3K, Box 4 $600, Box 5, $22K, Box 7 of B2
- Fidelity Box 1 $29K, Box 2b Taxable amount not determined (X), Box 7 of T
Looks like for the Fidelity 1099-R, I should not have a Box 7 of T but a Box 7 of J Early Distribution from a Roth IRA.
How about the second code of Box 7 second box of 8 Return of contribution 2022?
