Hello
Last year I had return of excess IRA contributions for 2023 and included them in my 2023 return (due to the excellent advice on this web site).
This year I have received, as expected, a 2024 form 1099-R with code P. I entered this into TurboTax 2024 and it warned me that I would probably have to amend my 2023 return - also as expected....and of course I don't because I entered it into the 2023 return last year.
Please look at the screenshot attached to see how the entry looks in my 2024 return. The $7554 from 2023 is now included in my 2024 total of $8512. Can I leave it like this (the software seems to have ignored it for the 2024 the tax calculation) or is it better not to enter the 1099-R with code P amount into 2024 at all?
My question is : which approach is most preferred by the IRS?
a) To see it in my 2023 return and then repeated in the 2024 return as code P (since its a 2024 form 1099-R), or
b) to leave it out of the 2024 completely?
thank you
