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Phil, the following was in your response to my question on the IRA excess contribution (due to no earned income in 2007).

Call the IRA custodian(s) and tell them that you need to withdraw the contributions and earnings. They'll take it from there.

The earnings, if positive, will be 2007 income which you must report on your 2007 return. Positive earnings are taxable income on your 2007 return. If either of you is under 59 1/2 at the time positive earnings are distributed there will be a 10% premature distribution penalty on that spouse's earnings.

You will not receive a 2007 1099-R. Period. In January 2009 you will receive a 2008 1099-R showing the distribution. We'll worry about that at that time.

Once you find out the amount of earnings you're withdrawing get back to us, and we can figure how how to trick TT into putting the right numbers in the right places.


I made the withdrawal from both Roth IRAs at Fidelity. There was a $5K deposit in each in 2007. The result was a distribution of $4885 from one (loss) and $5443 from the other (gain). When I first called Fidelity they told me that I would get a 1099-R. However when I went to the office to do the transaction they told me that I wouldn't and I would have all the info I needed to file this with my 2007 return.
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