Hi. I have a situation in which an IRA Contribution was made in error. It was withdrawn and no income was earned on it prior to the withdrawal. It was included on 5498.

[egg1]

All happened prior to Due Date of the Return.
What Tax Form needs to used in 2023 Filing so this does not show up as excess/unallowed IRA Contribution subject to 6% Tax?

In 2024 will be receiving the 1099-R showing the withdrawals.

[fanfare]

return of excess contribution: Case 1.

before tax filing date including extension: positive earnings allocable to the excess are included in income on 1040 Line 4b for the year of the contribution. negative  or zero earnings are ignored; in any case, for purposes of basis, consider the original contribution amount as returned.

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In this Case, there is no penalty.

If you took a deduction (unlikely) and filed,, that would have to be undone by amendment

@egg1 

[egg1]

Thank you very much