Hello, I realize there are a bunch of seemingly related questions on this topic but I can't figure out a straight forward answer, this is my situation:
In January I decided to start contributing to a Roth IRA not realizing I exceeded the gross income limit and made a 5.5k excess contribution intended for 2017.
In TT I followed the advice in the software to withdraw the $5504 that was in my account to avoid the 6% penalty that would have been incurred if I had left the amount in the account past the filing deadline (with no distributions or contributions showing in my filing for 2017.)
I am well below the age limit for a qualified distribution, does this mean I will incur a 10% early withdrawal penalty for the 5.5k contribution I almost immediately withdrew in 2018? How will this situation be reflected in the forms for 2018?
Thanks!
