wyo_vern
New Member

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.