218440
You'll need to sign in or create an account to connect with an expert.
Hi Jaynishimura!
According to https://www.irs.gov/publications/p590a:
"For purposes of determining excess contributions, any contribution that is withdrawn on or before the due date (including extensions) for filing your tax return for the year is treated as an amount not contributed."
Based on this language, it's likely you do not have to report it as retirement income (a distribution) unless it earned interest. It's like it never happened and the tax treatment would be handled based on the original source of the funds.
Hope this helps!
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
rodiy2k21
Returning Member
jmgretired
New Member
thornhillme
New Member
InTheRuff
Returning Member
user17522839879
New Member