What is the taxable amount on my $370 gross distribution from my 2015 Roth IRA? Is it simply $37 (10% penalty) since it was an excess removal after the deadline?

[wahllasik]

I mistakenly removed the $370 after the deadline, forgetting that I'd already addressed my $370 excess 2015 Roth IRA contribution before the deadline by removing $247.68 (adjusted for a loss).

[dmertz · Accepted solution]

The $370 that you took out is a regular distribution from your Roth IRA(s).  Enter it as you would any regular distribution.  It has nothing to do with your excess contribution and its return.

Be sure to click the Continue button on the Your 1099-R Entries page and enter or confirm your basis in Roth IRA contributions and conversions (not to include the $370 contribution that you had returned before the due date of your tax return).  Regular contributions come out first, tax and penalty free.