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Retirement tax questions
I have the same situation, except my contribution and withdrawal were exclusively in 2023. That is to say, I made a Tax Year 2022 Roth IRA contribution of $6000 in March 2023. While doing taxes, I realized I exceeded the income limit and withdrew the contribution + earnings before the tax filing deadline in Apr 2023. The total withdrawal was $6562.78 and I opted NOT to have any taxes taken out (Fed, State or early distrib).
Should I be doing the manual 1099-R against the 562.78 distribution (earnings) in my current tax year 2022 return? Or should I be waiting to do this next year (2024) in my tax year 2023 return?
And would I be using Box 7 codes J and P? or J and 8?
‎April 15, 2023
12:53 PM