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Retirement tax questions
You would use the calculation from Worksheet 1-3 which is similar to Worksheet 1-4. Determining the Amount of Net Income Due to an IRA Contribution and Total Amount To B....
Please note #3 has to be the fair market value of the IRA immediately before the contribution was made, plus the amount of such contribution and any other contributions, transfers, and recharacterizations made while the contribution was in the IRA. Therefore, this should be $7,635.36 plus the contributions.
Generally it is not needed to withhold taxes when returning the 2024 excess contribution plus earnings in 2025 since the withheld taxes would be applied to 2025 and not to 2024 when the earnings are taxable.
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‎February 21, 2025
1:47 PM