DanaB27,
My son contributed a total of $6770 to his Roth IRA for 2023. We caught the error and had the excess contribution ($270) and the NIA ($15.15) distributed in Feb 2024 (so total distribution of $285.15). I'm working on his tax return now and want to make sure I enter everything correctly in TurboTax and will still be able to file electronically and not have issues with the Virginia state return. I have three questions:
1) You mention in this post (and others) that only the earnings should be included in the "Corrective distributions made before the due date of the return" but a previous commentor had a screenshot where the total distribution was entered. Which is correct?
2) When entering the 1099-R information, should the IRA/SIMPLE/SEP box be checked? How much of the other information (Payer name, address, Fed ID number), needs to be filled in?
3) When entering the Roth IRA contributions in Deductions & Credits, should I enter the original amount contributed ($6770) and then enter $270 on the "Contributions Withdrawn Before the Due Date" screen? OR should I just enter $6500 for the first and $0 for the second?
Thanks!
