Hello dmertz,
I re-read all your posts for the 3rd time, and took detailed notes, and come up with these number. I have to go through you as I am terrified making mistakes:
Explanations:
3/1/2022, contributed $6,000 to 2022 Roth IRA
3/2/2023, returned ($6,000) and losses ($94.71) for the return of contribution
Box 1: $6,000 or $5,905.29 (I guess it's $5,905.29?)
Box2a: 0
no need to make any 2b boxes, nothing goes in box 3-6
Box 7: J and P
Box 16: $6,000 or $5905.29 (I guess it's $5,905.29?)
Which year on form 1099-R, Answer: 2023?
For Deduction part of interviews:
1. Did you make a Roth IRA contribution for 2022? A: Yes
2. Is this a repayment of a retirement distribution? A: No
3. Enter your total Roth IRA contribution for 2022. A: $6,000
4. Switch from a Roth to a Traditional IRA? A: No
5. Would you like us to track your Roth IRA basis? A: Yes
6. Withdraw from your Roth IRA before 2022? A: I should say "No", correct?
7. Roth IRA contribution prior to 2022. A: $2,602 (I should ignore all the manipulations we did, just put the net 2021 Roth contribution here, correct?)
8. Any Roth IRA conversions? A: No
9. Tell us if you contributed more to a Roth IRA than was allowed in 2022 or any previous years. A: Yes
10. Enter excess Roth IRA contribution for prior year (to 2022). A: $0 (is this correct?)
11. Enter the value of your Roth IRA on Dec 31, 2022. A: $8,105.33
12. Your contribution was too high, you have an excess contrition $6,000
13. Contribution withdrawn before due date: A: $6,000
I entered the 2022 Form 1099-R with J, P in Box 7, TT asks me to amend 2021 tax, I can ignore it as I paid $20.40 for 2021.
I also entered the 2022 Form 1099-R with J in Box 7.
By now I've cleaned up all the mess I made with my daughter's excess Roth IRA contributions, correct? Thank you SO much for your kind and generous help, without you, I can't imagine.....
