- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
You requested an extension.
return of excess contribution:
before tax filing date including extension: positive earnings allocable to the excess are included in income on 1040 Line 4b for the year of the contribution. negative earnings are ignored; in any case, for purposes of basis, consider the original contributed amount as returned.
positive earnings removed are no longer penalized 10% if you are under age 59 1/2. (eliminated in 2023)
‎August 8, 2024
7:51 AM