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How to File Excess Roth IRA Contribution
I learnt that I made an excess contribution to my roth ira of 6500 for 2023. In order to amend this, I used vanguard's excess contribution form to remove both the contribution and any earnings that i made on the contribution. Additionally, I withheld federal income taxes at a rate of 24% for the earnings. How do I file this scenario on my 2023 tax forms in turbo tax such that it takes into account that 24% has already been withheld for federal income tax? Additionally, would the only tax that now has to be paid be the extra 10% for withdrawing the amount early ?
March 31, 2024
10:18 PM