How do I fix my tax form showing an excessive IRA contribution when it is a negative contribution?
In 2021, I paid a $50 check to my IRA holding Co. I included the maintenance fee voucher from the statement stating I owed $50. The IRA holding Co. deposited this check as a deposit into my IRA account. This week, I called the Co. and asked them why I received a 5498 Form that indicated I made a $50 contribution on line 1. The Co. counted my maintenance fee as a deposit and that caused me to have an excessive contribution of $50. I am retired and had no 2021 income either. They have allowed me to withdraw $48 because the $50 deposit had a loss of $2. On the Turbo Tax program, I entered the $50 excess contribution and the withdrawal of $48. Now the program and tax form show I have a $2 excessive IRA contribution. What would happen if I over-ride the $2 and make it a -$2. Can this be done? How do I fix this? Thanks.