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Retirement tax questions
You should talk to the financial institution why some of these contributions weren't counted as a contribution for 2024, it seems you should have $7,020 direct contributions for 2024.
To clarify, you received a 2024 Form 1099-R with codes PJ for the withdrawal of the excess contribution plus earnings but they left it in the account? Then this should also be added to the contributions for 2024.
Therefore, you total contributions for 2024 should be 7,305.15. But you should verify with your custodian why they show different amounts.
No, the $285.15 isn't considered "repayment of a retirement distribution".
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March 11, 2025
4:44 AM