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Retirement tax questions
That is a year old post with 2018 dates.
In order do do that you must ask the IRA custodian for a "return of excess contribution" not just a distribution. The IRA custodian must calculate the earnings and return the excess and plus earnings to you.. You should do that first so that you will know the amount of earnings to report. Most custodians will cooperate and give you that in a timely manner.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
ā€ˇFebruary 24, 2020
1:58 PM