BillM223
Expert Alumni

Retirement tax questions

No, no amended return for Tax Year 2022 needed. 

 

TurboTax knows that that you are withdrawing the excess for 2022., so the contribution for 2022 will be automatically limited to the correct amount.

 

The return of the excess is not a taxable event, and your 2022 return will be correct. There is no penalty on the excess because you withdrew it in time.

 

The 1099-R will be entered on your 2023 return. That's not a taxable event, either, but you enter it so that the IRS won't wonder why you didn't report a 1099-R on your 2023 return.

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