@fanfareIn addition, I came across a post stating that a 2023 excess contribution may be subject to another 6% penalty if not corrected by December 31, 2024. However, I’m unsure if that applies to my specific situation. I just want to confirm—if I use Form 5329 to offset the 2023 excess in my 2024 tax filing, there will be no 6% penalty on this excess for 2024. Thank you so much!
