I am 60+ years old and have a Roth account for over ten years.
I had an excess Roth contribution of $5,200 last year and would like to avoid the excess contribution penalty. The Plan Admin. is going to process the distribution + earnings and give me a letter acknowledging the excess contribution and that I am going to receive 1099-R for 2023. The questions:
1. I am working on my taxes. Is it possible to include this activity for tax filing? If so, please explain. If not, what should I do next?
2. What do I do with the 1099-R for 2023?
Any help is greatly appreciated.
