Thank you! Just a few more clarifying question(s):
1. I will need to amend my 2024 tax return - will the IRS bill me or is there an option for the amount to be taken out of my 2025 tax return/added to the 6% penalty on my 2025 tax return?
2. If I don't include the form 1099-R info I calculate on my amended 2024 tax return, but do include it on my 2026 return once I receive the actual 1099-R in 2027, is 2026 when I would be paying taxes on any of the earnings/NIA included on the excess contribution removal? I thought I would have to pay taxes on the related earnings somewhere in the process, and my assumption was I would be paying taxes through the 2024 tax return given those earnings are associated with the 2024 contributions/tax year
3. Will it just list code J on the 1099-R? I thought I read somewhere it would list P and J, but maybe that is related to the timing of the removal/distribution
Thank you for the quick response here, I really appreciate it!
