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Retirement tax questions
With the addition of mentioning the increase in your taxable income due to the $4,600 becoming taxable, your explanation seems reasonable to me, but of course I already understand the situation.
You need to amend to avoid the $4,600 being treated as an excess contribution to the IRA. The law requires that nondeductible traditional IRA contributions be reported on your tax return, which is done on Form 8606.
‎January 6, 2025
5:27 PM