Hello There, I live in CA and have time until Oct 15th to file my 2022 tax return.
For the tax year 2022, I made a $6000 contribution to both Traditional and Roth IRA separately. Later, I found that this was a combined limit of only $6000. Hence, I called fidelity in 2023 before April 15th and they returned the excess Traditional IRA contribution. But they told me that they would send 1099-R for the return only next year. For the tax year, they have sent form 5498 both for the Traditional and Roth IRA.
The question I have is, how do I enter the removal of the excess contribution for 2022 now when I file the tax. Now that Fidelity notified IRA on the contribution to both Traditional and Roth IRA, should I enter both the contributions in Turbo tax or only RothIRA since the traditional IRA amount has been withdrawn? Then how do I enter the return money in next year's tax filing?
Thanks in advance for your help!
