MinhT1
Expert Alumni

Get your taxes done using TurboTax

For the excess contribution of $6,500 for 2023, you have to pay the excise tax of 6% for tax years 2023 and 2024.

 

For tax year 2023, you'll need to file an amended return to report the excess contribution and pay the 6% tax.

 

For tax year 2024, as the excess for 2023 still remained in your account as of 12/31/24, you will need to report it on form 5329 and pay the 6%. 

 

For the excess contribution of $7.000 for 2024, as you have recharacterized it before April 15, you'll have to report it as a nondeductible Traditional IRA contribution on form 8606.

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