Excess IRA Contribution 2024

Em119
Em119 Member Posts: 2 Newcomer

Hi,

I recently discovered I contributed too much to my Roth IRA and have fixed the issue but I'm confused still how to report this on my taxes.

I had contributed the maximum ($7k) and have withdrawn this amount. I understand I have to pay any taxes on any earnings for this and for ease of this question, let's call those earnings $200.

When filing where do I put this excess $200? When I put YES that I made Excess contributions do I put $7,200 or do I put $7,000 and declare that $200 elsewhere?

Appreciate any and all help here!

Answers