topic Excess Contributions to Roth IRA withdrawal steps in Deductions & credits

Excess Contributions to Roth IRA withdrawal steps

CzarSosa — Mon, 23 Feb 2026 09:53:59 GMT

I retired and continued to fund my ROTH IRA by mistake. I contributed 6996 for the year but when I contacted my financial institutions to withdraw the money, it was only worth 6297. My question is how do I report this on TurboTax , do I report the 6996 original invested or the 6297 that is worth now?

Re: Excess Contributions to Roth IRA withdrawal steps

dmertz — Sat, 28 Jan 2023 20:52:03 GMT

You must indicate to TurboTax that you had $6,996 of contribution returned. In the required explanation you'll indicate that the amount distributed to accomplish the return of the $6,996 contribution was $6,297 due to adjustment for investment loss.

Re: Excess Contributions to Roth IRA withdrawal steps

CzarSosa — Sat, 28 Jan 2023 20:56:18 GMT

It is a big complicated.

So even if I had a loss by getting 6297 back, I would report that 6996.

Thanks for your reply

Czar

Re: Excess Contributions to Roth IRA withdrawal steps

dmertz — Sat, 28 Jan 2023 20:58:53 GMT

Yes, the amount of contribution returned was $6,996, accomplished by a distribution of $6,297 due to investment loss.