Question

I made a 2022 IRA contribution on 2/9/23 and had it returned to me on 2/28/23 because I don't qualify for the deduction. Do I need to report the contribution and how? TY

Forum|Forum|3 years ago
February 28, 2023
1 reply
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Seems like if I report it on Turbo Tax, Turbo Tax will generate a form 8606 , but not sure that applies to me since I made the contribution 2/9/23 and had it returned 2/28/23 before filing and with no interest earned on the money. Please advise. Thank You

TurboTax Self Employed Online

M

MinhT1

As the contribution has been returned to you before the due date of the 2022 tax return and there is no earnings, there is nothing to report on your 2022 tax return.

In early 2024, you will receive a form 1099-R with code P in box 7. You do not need to report this 1099-R on your 2023 tax return either as it has been dealt with in 2022,

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