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Use Form 5329 to correct improperly coded IRA disbursement
I contributed to my Roth IRA in 2022 without knowing that my income was too high for me to contribute anything. I withdrew the initial contribution and earnings just after filing my taxes for 2022 (funds withdrawn after the filing due date). For 2023, I received a 1099-R that indicated the withdrawal was an early disbursement, rather than a removal of excess contribution. Fidelity claims they cannot recode this withdrawal, so I have to fix it some other way.
I understand that I should file Form 5329 to correct this issue. Can this be done through TurboTax? If so, how should I complete the form?
March 19, 2024
11:04 AM