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Employee
February 8, 2024
Question

IRA contribution without earned income - fixed before filing taxes 2023

  • February 8, 2024
  • 1 reply
  • 0 views

I had to return/withdraw my 2023 IRA contribution (traditional) - that I made in January 2023 for 2023. I realized that I had no "earned" income.  January 2024 when doing my taxes I withdrew the original amount plus some calculated earnings which I did (full year on that amount). After reading something here on how to handle this on my 2023 tax return - I am now confused. Fidelity won't issue any 1099 for the tax year 2023 because it happened in 2024.  Should I wait until 2024 to deal with this or print off my own self reported 1099 filled out showing the distribution, earnings etc.  The contribution was January 2023 and I am fixing the mistake in January 2024. Thank you. 

    1 reply

    fanfare
    Employee
    February 9, 2024

    see reply to your other question

    did you use the "return of excess and earnings" form to do this?

     

    @karen11_2 

    karen11_2Author
    Employee
    February 9, 2024

    No. Should I put it back in and then take out again using the form?