"No, if it was after tax money you can take the excess Roth IRA out without additional taxes, but still have to pay taxes from your W2 income. The only tax will be on earnings of the Roth. If not removed by April 15 , 2023, the general date, then an additional 6% penalty will apply, just let TurboTax know you are withdrawing the excess in the interview plus interest to remove penalty. Make sure to tell the Roth IRA admin that this is an excess withdraw. "
Yes, I get that, and I've entered into TurboTax that I have withdrawn the 6000. I also filled out a form 1099-R presumptively, to declare the earnings that I made. I have already withdrawn the 6000+earnings and it was labeled an excess withdrawal including earnings.
1- Is it appropriate to fill out the 1099-R as if I had received it already (it's not going to come until next year)
2- For my state return, is it appropriate to enter 6000 in the "Other Contributions Previously Taxed by the state" box? (In the "Taxable IRA/Keogh Distributions" section"?
@MichaelG81
Thank you
