@fanfare
Hello - Asking for a clarification here for the year 2024 tax situation.
1. Do I need to report the over contribution as Misc Income or not? If not, does Turbo Tax automatically add the excess contribution to the wages to be taxed?
2. If I leave the excess amount and do not request a withdrawal, what happens to the earnings on that excess amount? Is that also just taxed at the distribution after retirement or there is any other form of penalty associated?
