Hello, this question seems to have been asked already but several different variables are not the same so I thought I’d ask my person situation:
2022 Jan $6000 Roth IRA contributions
2023 Feb learned I made too much to contribute to a Roth so I withdrew the excess contributions of ~$5700 (a loss).
2023 Feb created a traditional IRA
Now ( 2023 Feb) looking for a way forward before I file at the filing deadline for 2022 taxes.
My IRA company already sent out (prior to me withdrawing) the 1099. They said my withdrawal of excess funds would be on next year’s (2023’s) 1099. Here are my questions:
1) Can I still contribute for 2022 to my new traditional Ira? And if so, how much? ($6000 or what I withdrew ~$5700).
2) I’m hoping the first question is yes and I can contribute (non deductible funds) and convert those funds backdoor to a Roth, if so, how will both of those things be communicated on turbo tax? Do I state that I contributed to Roth at all for 2022 or just skip to traditional contributions (1099s won’t support this)? Or do I say that I contributed to Roth and withdrew excess and contributed to traditional? Would that be done for filing return 2022 or 2023?
3) Is there a mechanism to recognize the loss taken for the 2022 contributions on turbo tax or am I just out of luck (which is fine because it’s about the 6% lesson I needed to learn).
I haven’t moved forward with anything beyond this and would greatly appreciate any suggestions or advice! Thank you!
