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Excess Roth IRA contribution correction reported as J in 1099-R to IRA
I accidentally over contributed to my Roth IRA in 2020 and 2021. I withdrew the excess funds in early 2022 to correct this mistake before the 2021 tax filing deadline. Vanguard reported these distributions as early distributions J, but they shouldn't be because they were simply a correction of my previous errors. I have already paid a penalty ($80) for the 2020 excess contribution ($1336). Now got a CP2000 from IRA for these distribution.
‎February 17, 2025
4:35 PM