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bnorwood4
New Member

If the amount of IRA excess contribution removed by the IRA sponsor is less ($277.65) than the amount I actually contributed ($280.00), what amount should report?

 
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DDollar
Expert Alumni

If the amount of IRA excess contribution removed by the IRA sponsor is less ($277.65) than the amount I actually contributed ($280.00), what amount should report?

I looks like you incurred a small loss on the $280 excess contribution.  If that's the case, and the IRA custodian calculated it correctly, then that is the amount that should have been withdrawn, and the amount that should be reported.

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2 Replies
DDollar
Expert Alumni

If the amount of IRA excess contribution removed by the IRA sponsor is less ($277.65) than the amount I actually contributed ($280.00), what amount should report?

I looks like you incurred a small loss on the $280 excess contribution.  If that's the case, and the IRA custodian calculated it correctly, then that is the amount that should have been withdrawn, and the amount that should be reported.

dmertz
Level 15

If the amount of IRA excess contribution removed by the IRA sponsor is less ($277.65) than the amount I actually contributed ($280.00), what amount should report?

The amount of contribution *returned* is $280.  The adjusted amount *distributed* is $277.65.
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