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Retirement tax questions
DId you file the "excess plus earnings" form with custodian.?
If NO, your action is incorrect and will not result in the expected 1099-R
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allocable earnings do not go on Misc Income.
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allocable earnings:
positive earnings allocable to the excess are included in income on 1040 Line 4b for the year of the contribution. negative earnings are ignored; in any case, for purposes of basis, consider the original contribution amount as returned.
["Include the earnings in income for the year in which you made the contributions, not the year in
which you withdraw them."
]----
Genrally this is done in TurboTax by fabricating the 1099-R you expect later and entering it now.
‎February 19, 2025
7:41 AM