Loss on excess IRA contribution

2008-04-16T01:38:52Z

I have just discovered that the contribution I made in 2007 for Roth IRA was in excess, so now I'm considering making a withdrawal. IRS required to withdraw the original contribution and earnings to avoid penalties. My problem is that I have not earned positive income, but acctually made a loss on sale of stocks. I was able to figure out the loss amount and the net excess contribution withdrawal is now less than than my original contribution. What I can't figure out through is what do do with that loss. Do I claim as a loss on sale of investments in Schedule D? What if I already filed my return, to I need file an ammendement? This seems like a topic a few of us can relate to...how many people really made money towards the end of the year in the stock market. I can't seem to find anything in IRS instructions what to do with the loss. Any one?