Excess contribution to Roth IRA

[Guest Trirod]

In 2001 my wife and I made contributions of approximately $1,200 each to Roth IRA's. When I came to file our tax return in early 2002 I realized that we obtained a significant state tax benefit by filing separately. Of course this means we couldn't have Roth IRA's in 2001.

So I called T Rowe Price (the custodian) and had our contributions (+/- earnings) refunded in February 2002. My Roth IRA had about $50 of earnings associated with it, my wife's had a loss. I understood that only the $50 earnings would be taxable in 2001 and that T Rowe Price would show this on a 2002 1099R.

I have now received my 1099R's from T Rowe Price, but these show gross distributions of the full amount of the withdrawn contributions plus/minus earnings. The "taxable amount" box is blank".

Is this the correct disclosure? Is T Rowe Price not supposed to show the amount of earnings or do I have to work that out for myself?