Get your taxes done using TurboTax

why mess up your 2023 return? if you don't fix the bad numbers/overrides incorrect amounts can roll into your 2024 return. the computation for the 2024 excess is not complicated

 

 

full year self-only eligible for January only means you're allowed 1/12 of the full year amount of 5150 (you are over 55) = your 429.17

you also have to withdraw any income earned on the excess. the custodian can compute this. This is not computed on the 8889 you are trying to use. 

contact the custodian and make sure you tell them it's an excess contribution you're withdrawing and ask them to compute the earnings that must also be withdrawn.

when doing the 2024 return your w-2 will still reflect that amount you actually contributed

you'll get a 1099-SA by late January or early February 2025 that will report the withdrawal of the excess. it must be entered in your 2024 return. It will include earnings. 

also the portion withdrawn that is the employer match will be taxable income and will show up on schedule 1 line 8f

 

 

 

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