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I erroneously contributed to trad IRA instead of Roth IRA. called the bank and they sent the $ back to me2days later.How to reclass what now looks like 7k in income?

How do I reclass this 7k as an error instead of it looking like I took 7k out of my retirement account?
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1 Reply
DanaB27
Employee Tax Expert

I erroneously contributed to trad IRA instead of Roth IRA. called the bank and they sent the $ back to me2days later.How to reclass what now looks like 7k in income?

To did you request a return of your contribution plus earnings or just take a regular distribution? What is the code in box 7 of your Form 1099-R?

 

Please see Return of IRA Contributions for additional information.

 

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