Hi Bill,
Just a few last questions.
You wrote:
"You need to contact your IRS custodian and request of withdrawal of excess contributions. There is possibly a form online at the custodian's website for this; otherwise, speak to a customer service rep - this is a common enough thing that people do." Did you mean IRA Custodian?
You wrote:
"When you are entering the 1099-R into TurboTax, I believe that TurboTax will ask you if you want to withdraw the excess by the due date of the return. Answer "yes". " An IRA contribution is recorded on Form 5498. So not sure what you wrote?
Also, the excess contribution was to the IRA, not the 401K. I need to fix the over payment to the IRA.
Also, don't I have until July 15 to fix this? Since the tax deadline is now July 15?
thank you in advance.
