DanaB27
Expert Alumni

Retirement tax questions

Generally, if you already reported the earnings on an 2023 excess IRA contribution on your 2023 return then you do not have to amend your return. And if you had no taxes withheld then you do not need to enter it on your 2024 return.

 

To clarify, what is the code in box 7? You stated this was a work retirement account (which isn't an IRA)? If this was about a work retirement account like a 401(k) then note the excess deferral is reported on your 2023 return (Form 1099-R code P) but the earnings would be reported in 2024 (Form 1099-R code 8).

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