I'm hoping for some assistance on my excess Roth contributions. @DanaB27
2023: my husband and I each had excess Roth Contributions. We paid the 6% penalty on our 2023 return. This failed to get recharacterized until this month (March 2025).
2024: my husband and I each had excess Roth contributions. They were recharacterized this month (March 2025).
Questions:
1. re: 2023 excess contributions:
a) Will we be penalized again for these even though we recharacterized them before 4/15/25? If so,...
b) Will we have to pay the 6% penalty again on our 2024 tax return?
c) How do we report this using TurboTax online?
2. re: 2024 excess contributions:
a) Will we have to pay the 6% penalty even though they were recharacterized before 4/15/25?
b) How do we report this using TurboTax online?
c) We can report this on 2024 taxes without waiting for the 1099-R for 2025. Is that correct?
Thank you so much for your help. I greatly appreciate any guidance you can provide!
