Hi Sir or Madam,
I over contributed to my 401K account in 2023. Understood that I will get the amount withdraw plus earnings from the financial company asap. I will include the distributed amount in my 2023 return so I won't need to amend later. Question is the 1099R receives in Jan 2025 (for earnings distributed, Code 8), besides the regular taxes, any penalty will incur? Can I pay taxes in advance to cover any extra will incur when I do tax 2024 return ?
Please kindly advise.
Thank you!!
