How to reflect excess distribution I received from regular IRA account (brokerage).
I rolled over 30K from one IRA to brokerage IRA (within same bank)
I contributed $5500 to brokerage IRA (late March 2017)
Before filing 2017 I asked called IRS and asked how I would reflect this (late March 2017)
IRS says I am not eligible to deduct $5500 from my taxes because income is too high (per their rules) and my job already enrolled me in retirement plan (I work in City government)
I filled out excess withdrawal form with new IRA (from bank) and $5500 was returned to me (early April 2017)
Bank says they have to report to IRS that they returned my $5500 even thought it was under Excess distribution withdrawal and I did not earn any interest on it, nor did I invest anything in IRA brokerage account.
When I asked the bank how to reflect this in future taxes, they say ask IRS.
I called IRS and no one is answering general questions right now.
And I'm unsure where to find this info in irs.gov website.