Excess Contributions to Roth IRA withdrawal steps

[CzarSosa]

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?

[dmertz]

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.

[CzarSosa]

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

[dmertz]

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