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Retirement tax questions
Thank you!
I request your confirmation on the following question I had posted:
Context:
I had contributed $7k to Fidelity Roth IRA in Jan 2024 but realized that there is income limit as my salary increased to > $150k in March 2024. It had earned interest of $801.85.
I submitted Return of Excess contributions to Fidelity and got back $7,801.85.
I was New York resident for all of 2024, though I lived in CA until end of 2023. So I downloaded both New York and CA for TurboTax and am filling both sections. I entered 1099-R for Federal section which then had below:
"Did you use your IRA to pay for any of these expenses?" screen: "Corrective distributions made before the due date of the return": $802
Question:
Please confirm if Is it ok to change the default entries to below: