In 1998 I opened a Roth IRA with what I thought would be the allowable contribution for my income. When tax time came, my tax guy told me I over contributed by $200 and needed to withdraw that amount to avoid penalty, so I did that in March of 1999. Today I got a 1099-R from my brokerage account for a "gross distribution" of $200. Taxable amount is listed as $0.00. What, if anything does this mean? Obviously it is not a "qualified" distribution as I understand it from reading about Roth IRAs, or is it? Will I have to pay a penalty? I kinda thought since I withdrew the $200 before tax time, the IRS wouldn't know anything about it. Can anybody tell me what if anything I need to do, or what I should expect? Thanks.
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