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Retirement tax questions
It's not really straightforward to find this. It derives from section 408(d)(5) of the tax code which was originally written for traditional IRAs. This means that you must look in IRS Pub 590-A in the section that describes a distribution after the due date of the tax return of excess contributions made to traditional IRAs. Also look at Part IV of Form 5329, in particular ho a regular distribution reported on line 20 reduces the excess.
March 17, 2021
8:14 PM