DanaB27
Expert Alumni

Retirement tax questions

Yes, I would check with your brokerage because the earnings should be listed in box 2a when you withdraw the excess contributions plus earnings. Also, since it was a contribution for 2021 removed in 2022 it should have codes PJ and the earnings would be taxable on your 2021 tax return.

 

Yes, the earnings will be taxable and subject to the 10% early withdrawal penalty if you are under 59 1/2.

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