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How do I report the $400 in earnings? Do I report it as a capital gain (ie treat like I received 1099-div or a 1099-b)Or do I report it as a income and enter it as a 1099-R

It winds up on line 15 of your 1040. If you're using sofware, dummy up a 1099-R with a code 1 in box 7.

Also am aware of the option to recharacterize to trad IRA but what I have is a rollover IRA and keeping track of it will be a bit much I think.

We think differently. All that's required is that you report the nondeductible contribution, then when you take withdrawals calculate the taxable portion of each year's withdrawals.

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