You can apply $163 of your previous excess towards your 2024 contributions since your total contributions were less than $7,000. This will be listed as the excess Roth IRA contribution credit on line 26 of the IRA Contributions Worksheet. Please go back to the IRA contribution interview to apply the $163 to 2024:
- Click on "Search" on the top right and type “IRA contributions”
- Click on “Jump to IRA contributions"
- Continue through the questions
- On the "Enter Excess Contributions" screen enter the total excess contribution from 2022 and 2023.
- On the "How Much Excess to 2024?" screen enter $163 to apply to 2024.
Note, the amount you need to withdraw as regular distribution for the 2022 and 2023 excess is reduced. You can see the amount on line 24 of Form 5329.
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