Hello, I made an excess contribution in my Traditional IRA for the year 2023. I have removed these excess contributions in July 2024 and haven't filed my TY 2023 return (applied for a 6-month extension). Already checked with the IRA financial institution, the New Form 1099-R(reflecting this removal transaction) will be generated until early 2025.
My questions are:
1. To avoid amended returns in the future, can I directly adjust the IRA contribution amount in my TY2023 return without the Form 1099-R? (Haven't filed TY 2023, and adjust 2023 IRA excess contribution)
2. How do I enter this transaction into the TurboTax desktop version?
3. Will I need to pay a 6% additional tax or a 10% early withdrawal tax?
4. Will I need to fill out Form 5329? How to reflect the removal transactions in Form 5329 to avoid 6% additional tax?
Thank you in advance!
