USA Non deductible contribution to Traditional IRA

[nicejack79]

Hi, By mistake i contributed non deductible amount of 12000 (6K for this year, 6K for next year) in Traditional IRA and didn't earn any income. I am trying to withdraw the amount and filed excess contribution refund form with TD Ameritrade.

My questions:

1) Do I need to report to IRS while filing tax return as this is non deductible contribution to traditional IRA, as I heard there is no limit to contribute to traditional IRA?

2) I filed for exccess withdrawal request to TD Ameritrade and for the period money was in there was no income earned. Do I still need to report to IRS?

 

[BIG E]

Unless you have the custodian reverse the transaction out before you file your tax return including an extension, you will have to report a penalty on Form 5329.
But you were not clear as to which years your contribution(s) were for.
Was it for 2020 AND 2021, or was it 2021 AND 2022? At present the penalty will only be for 2020.