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Retirement tax questions
Thanks for the response.
The excess contribution occurred in 2023 due to the six month look back when you sign up for Medicare.
I did not do the withdrawal before April 15, 2024, I amended the 2023 return and paid the 6%. I did the withdrawal in November 2024 including the income earned and I have a 1099-SA for 2024. I have entered that into TurboTax as an excess contribution. Yet, TurboTax does not allow me to click on the I will withdrawal the amount before April 15, 2025 because it was a 2023 excess contribution. So the program is calculating the 6% again for 2024. If the law is 6% for every year the excess in left in the account I should be paying the 6% for 2023 and the additional revenue from the withdrawal in 2024. But that is not an option that I have found.
Thanks again.