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Get your taxes done using TurboTax
Thank you for your response! I'm still concerned that I do not need to apply this formula? I've made a lot of money in the IRA after that excess contribution.
Net Income = Excess Contribution + (Adjusted Closing Balance - Adjusted Opening Balance)/Adjusted Opening Balance
Then remove the net income + the excess contribution
I'm so worried I will have to pay hefty penalties and interest if I make an error.
‎February 5, 2025
9:40 AM