Removal of excess Roth contribution

[zz181]

Hello,

I removed my excess contributions from my Roth IRA (that I made in late December 2021) in 2022 before the 10/17/22 deadline and therefore avoided the 10% penalty and the 6% excise tax.  There were no gains (only loss).  The codes in box 7 says "PJ". I am under 59 1/2.  Now, my understanding is that I don't owe any money as the taxable amount is blank (rightfully as this is already taxed). 

However,  Turbo Tax now asks me to amend last year's taxes.  Do I have to? 

Thanks.

[MaryK4]

No if there was no income on the excess contribution when you withdrew on time it you do not have to amend your return.

[zz181]

Thank you.

[LindaS5247]

Per the IRS: You must include in your gross income the interest or other income that was earned on the excess contribution. Report it on your return for the year in which the excess contribution was made.

Since there is no income to report for your 2021 tax return, you would not have to amend it.

Click here for additional information on IRA withdrawal rules and penalties.

Click here for Publication 590-A Contributions to IRA's.

Click here for Publication 590-B Distributions from IRA's.

[zz181]

thanks. There were no gains/income. Only loss.