Through Vanguard I made a $5,500 2015 Roth IRA contribution during 2015 but later learned that I am ineligible due to income requirements. In Jan 2016 I withdrew the entire contribution which is less than $5,500. (No earnings, only loss) In January 2016 Vanguard would have already reported the 2015 contribution to the IRS. And now next year (Jan 2017) Vangaurd will report a withdraw from the Roth IRA from January 2016.
How do I tell the IRS that I withdrew the incorrect Roth IRA 2015 contribution? (Vanguard won't report it until next year because the withdraw was in Jan 2016)
How do I tell the IRS next year (Jan 2017) to ignore the Vanguard withdraw notification?
Will Turbotax be able to catch all this?
Thank you!
