While doing my 2022 taxes, I realized that our MAGI exceeded the allowed limits to contribute to a Roth IRA in 2022. My wife and I both contributed the maximum amount in 2022.
1- I requested that my financial institution remove the 2022 deferrals before the April 15th due date which has been completed.
2- I contacted my financial institution to get the total distribution and the earnings so I can fill out a 1099-R on my 2022 tax forms.
3- To avoid amending my 2022 tax returns next year, I am filling out two (2) 1099-R forms on my 2022 tax returns ( one for me and one for my wife), but I have a few turbo tax questions:
- Turbo tax is asking me for 1099-R provider information. Since I do not have a 1099-R form (won't be sent until next year), do I just get this information from my financial institution?
- I am entering total distributions (contribution + earnings) in Box 1, Is this correct?
- I am entering earnings in box 2a, Is this correct? What happens if total contribution is for example $6000 but earnings in -200$ (negative earnings)?
- In box 7 I will enter J and P , is this correct?
- No other boxes filled/checked, is this correct? (I have no state taxes)
- In the section, "did you use your IRA to pay for any of these expenses:"
- Which one should I choose?
- What number should I enter there? distribution? earnings?
- What if earnings is negative?
- in the section of "Explain the return of contributions"?
- What would be the description?
