DanaB27, Your reply was real helpful. Thank you. Here is a follow-up question.
The situation: My son made a traditional IRA contribution in 2023 not realizing that his contribution plus the maximum contribution that my wife and I made on his behalf in 2023 to his separate Roth IRA at another investment company would put him over a federal IRA limit. I am now preparing my son's 2023 tax returns using desktop TurboTax. My son has requested the removal of his excess traditional IRA contribution his investment company. Now we are going to use the first option you mentioned: Wait until 2025 when my son receives his 1099-R from his investment company showing his removal and then amend his 2023 tax return.
My question: In my current preparation of his original 2023 return, do I include a tax deduction for his traditional IRA contribution?
