Hi,
I made a $7500 contribution to my Traditional IRA on April 10, 2024 after having already filed my 2023 returns before April 10. Then, I realized that instead of filing 8606 to manage my basis for this contribution, I would rather return the excess back to my taxable account from where I had contributed the funds. On May 3, 2024 Fidelity processed the return of excess and I incurred a loss of $189 in the process.
I was informed by Fidelity that I need to file 1040X amended return for 2023 to include the gains/loss. I see a 5329 form in TurboTax Desktop Premier, but I can't enter the amounts in that form directly in Part III. Is that the right place to do so? Since I won't get 1099-R form until Q1 2025, and I need to file 1040X prior to Oct deadline, I was looking for help on how to enter the return of excess amount with gain/loss. Please advise.
