Hello,
I am new at this community. I have been reading the post on this topic.
i would like to review my case to make sure I understand the process.
- I contributed $4000 to Roth on January 1st , 2023. Earning $400. I notified Vanguard to request the return of this distribution. They withdrew the fund and also the withholding for federal at 32% and state at 9%
I would enter the 1099-R with the total distribution in box 1 (the contribution plus the earnings),, $4400
The earnings in box 2a, $400
Enter code "P" in box 7 (Top) - Add another box7 for code J.. “ which year” 2024.
Another Reason" box to eliminate the 10% early withdrawal penalty $400, I am over 65.
i am kind of confuse after this. I will receive a 5478 about this contribution from Vanguard in May 2024 ?.. even it get fixed. ?
In January 2025, I will receive the 1099 R. For the tax 2024. What do I have to do with this ?
For the state CA, what do I need to do? Can you give me the steps.
I really like this community. The answers are quite clear . I learned from this.
I am kind of worry and mad at myself to make this mistake . I am using TT for tax. Trying to correct it.
Thanks
