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Retirement tax questions
If you told TurboTax that you would remove all the excess IRA contributions by the due date of the return, then there is no penalty so no need for the 5329.
The excess contributions and the earnings will be reported to you on a 1099-R with the appropriate distribution code. You will normally file the 1099-R on your 2023 tax return. I am assuming that you did this while doing your 2022 tax return in early 2023, right?
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March 31, 2023
3:02 PM