DanaB27
Expert Alumni

Retirement tax questions

Yes, you will request a regular distribution (without earnings) for the 2021 excess contribution. You will get a 2023 Form 1099-R with code J (or if you are 59 1/2 and older then it will be code T or Q) and this will be entered next year on your 2023 tax return.

 

Yes, you will need to amend your 2021 tax return to pay the 6% penalty (enter the IRA contribution and TurboTax will calculate it automatically).

 

@gjgogol 

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