I’d like to back up and ask further about actual entries that need to be made into the tax program. My case might be a little unusual where both mine and my wife’s entire Roth IRA contributions in 2023 were not allowable. We can withdraw the entire contribution and any earnings but I’m still unsure how to enter this. It was earlier said that reversing the contribution was like it never happened. Since ours involve entire contribution amounts, do we report any Roth IRA contributions for 2023 or just skip over the IRA section completely in the program like they never happened? That seems odd since the contribution will be reported to IRS by the account custodian. If that’s the case, are the faux 1099-R’s that we create in the income section for the contribution reversals the only thing that needs to be entered for this to be correctly entered? Thanks in advance for guidance on this.
