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Level 1
March 16, 2022
Question

Where do I input the refund of a 2021 Excess IRA contribution prior to filing of the return

  • March 16, 2022
  • 2 replies
  • 11 views

My client inadvertently made an excess Traditional IRA contribution in 2021.  They contacted Fidelity who has recently refunded the excess contribution plus earnings.  The earnings will be reported on the 2021 Schedule B.  Where do I show the refund to offset the initial excess contribution?

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2 replies

dascpa
Level 11
March 16, 2022

IRA Contributions Worksheet, Line 6 for withdrawn contributions before the due date.

qbteachmt
Level 15
March 16, 2022

"The earnings will be reported on the 2021 Schedule B. Where do I show the refund to offset the initial excess contribution?"

Not an Investment earnings event; it's a Retirement account mistake.

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