How to report an RMD 2023 that accidentally rolled into Roth IRA and was corrected by Return of Excess from Roth IRA

[kanlu2001]

Hi,

My husband and I file tax jointly. We have RMD 6K + 7K = 13K for 2023. We accidentally rolled these into ROTH IRA in May 2023.  After speaking with ROTH IRA administrator, we filed Return of Excess form in Oct 2023 to withdraw the13K plus any earnings (earnings are minimal, perhaps a small loss). 

How should we account for this in our 2023 tax return?  Should we just account for the RMD of 13K based on 1099-R when we receive it?  Thank you

[ConyEA2021]

Hi,

Usually, if you withdraw an excess contribution made during the tax year before the due date of the tax return you won't have to pay the 6% penalty. In your case, since you already removed the excess contribution, this will not be treated as a contribution on your 2023 tax year. You will then account for the withdrawal on your 2023 when you receive your 1099-R.

You may see this supporting link IRA Year-End Reminders