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Get your taxes done using TurboTax
Bill, thanks for the detailed explanation, this really helps! I was thinking that since the check for the excess contribution from the custodian is received in 2023, that is the year it would be taxed. But you indicate that it will be added to Other Income for the 2022 return so the tax on that money will be paid in 2022 return and not in the 2023 return. Is this correct?
‎April 13, 2023
2:11 PM