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Retirement tax questions
The distributions of the excess contributions mad in 2019 through 2023 will be nontaxable distributions of contribution basis. The distributions will be included on Form 8606 Part III where contribution basis will be subtracted to determine that the taxable amount is zero.
The only contribution for which the deadline has not passed to recharacterize to be a traditional IRA contribution instead is the contribution made in 2024.
‎February 3, 2025
3:42 PM