MaryK4
Expert Alumni

Investors & landlords

You do not have to pay the tax on the excess contribution because you made a corrective distribution.  A corrective distribution is timely if it is made by the extended due date (October 15th) of the taxpayer's tax return for the tax year of the contribution if the return was filed on time.  You will have to include the Box 2 amount for income on your 2024 tax return.  You do not have to amend your return.

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