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Get your taxes done using TurboTax
You will pay taxes twice since you didn't withdraw the excess by April 15th. Once with the steps MaryK4 gave above, which puts the excess on line 1h of Form 1040. And then again when you distribute the excess amount at a later time as a regular distribution. There is no way around getting taxed twice since you missed the deadline.
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‎April 13, 2025
10:18 AM