Hi,
I am looking at the output of form 5329.
It calculates as:
Line 46: prior year excess contribution $617.
Line 47: excess contribution of 2023 $567
Line 48: Total excess contribution $1184
And it's calculating a total tax of $71 for additional tax on line 49.
My question is: is this double counting or is it the way it should be? If it's double counting, how do I remove the $617 from prior year. My W2s are exactly $3850 and $3850 from box 12W.
Thank you so much for the reply.
