maglib
Level 10

Retirement tax questions

@ayubruin7777  report both in 2023.  No 1099R should be received in 2024.    It is easiest to report as if you received a 1099R for 2023 as both were removed prior to the due date of the return.    I had erroneous first sentence, now fixed.  You will pay tax on the earning of the IRA and the income should be added back when you go through the interview and also when you say you paid back an excess contribution.  I have always told people to put it in as a 1099R.

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I am NOT an expert and you should confirm with a tax expert.