@DanaB27
I am old enough to make catch up Roth IRA contributions.
- On March 30, 2020, I made a prior year (2019) contribution of $7,000 to my Roth IRA.
- A few days later, on April 3, 2020, I made a current year (2020) contribution of $7,000 to the Roth IRA.
- In calendar year 2021 I made two contributions to the Roth IRA in the total amount of $7,000.
- On October 13, 2022 I made another $7,000 contribution to the Roth IRA.
The problem is that within minutes of making that 2022 contribution and purchasing stock shares my skin began to crawl with the thought that something was amiss. There was. Pub 590a revealed that because neither my joint-filing wife nor I had earned income after 2018, all of these contributions were excess contributions.
5. The market still being open on October 13, 2022, I immediately sold the shares purchased a few hours earlier, calculated the earnings attributable to the contribution portion and withdrew the combined value of contribution + earnings.
Fast forward. I am now in TurboTax (been using for many years) to do 2022 taxes and imported from Fidelity a 1099-R with a code T in box 7. This is the first time having to deal with this issue and could not find my way around TT and searched the TT Community. I found many variations on the theme that seemed close to being analogous, but offered varying solutions, leaving me without a clue as to how to properly proceed. Can you help?
