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Hi, looking for clarification on what to expect. Need layman's terms.

Doing my taxes via TT and encountered my first issue. It seems I am not eligible for a Roth as our income exceeds the limit this past year. TT mentioned that I need to withdraw the excess amount (I put in $2000) I went ahead updated TT that I did not make contribution and I noticed it gone and also the 6% penalty. Have not submitted taxes yet.

Now what I decided to do is withdraw the amount ($2000) and am aware that any earnings from that will too get deducted and also I will pay a 10% penalty on withdraw of earning. (ex. $2000 contribution for 2006, earnings was $400 and penalty will be $40 so I should get from them $2360)

Question, do I get anything from mutual fund to apply for this year's taxes (1099-R???) this is what I am not clear on. If I am to get something and have to wait to receive to update my taxes.

Also to throw a twist, I am also withdrawing my contributions from this yr ($100). Again, do I get anything for that?


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