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hndave
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Report excess ira contribution gains

 
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2 Replies
Anonymous
Not applicable

Report excess ira contribution gains

what's you question?  if your asking how it's  taxed, withdrawal of the gains would be taxed as ordinary income.   

hndave
New Member

Report excess ira contribution gains

My issue is:
For 2018 I contributed 5500 towards ira as usual but while doing taxes in April found that my agi is over the limit for deduction. So instead of keeping this amount as non deductible and track it I decided to take back the contribution. I called my IRA custodian (Fidelity), before the 15th filing deadline, to return the contribution. I filed for tax extension. I got back contribution plus gains.

I did some research on how to report the gains I received along with the contributed amount.

I found that the distribution can be reported on line 4a and taxable gains on 4b of 1040. The 10% tax penalty on gains ( as I I under 59) on schedule 4 line 59.

Is the above reporting correct in my situation?

Now I can't figure out how to report this scenario in TurboTax. I remember reading some where that there an option buried in the federal q&a to enter this amounts. Not sure though.

I will appreciate any help you can provide.
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