DanaB27
Expert Alumni

Retirement tax questions

When you request the withdrawal of the 2022 excess contribution plus earnings your custodian should calculate the earnings for you. You will receive the distribution which will be entered in box 1, if you received more than the contribution for 2022 then you had earnings and these will be entered in box 2a. If you received a $6,696 distribution then you will enter $6,696 in box 1 and $696 in box 2a.

 

Yes, the $500 contribution for 2023 that you withdrew in 2023, will be reported in your 2023 tax return when you get your 2023 Form 1099-R in 2024.

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