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Retirement tax questions
It seems the best thing to do is simply delete the 1099-R I received from Bank A. That of course removes the taxable income that I cannot seem to get TurboTax to handle properly, and this funding/withdrawal as excess contribution was a completely non-taxable event. However, I am concerned that this 1099-R from Bank A is furnished to the IRS. I of course have the paperwork of what I did at Bank A in case it is needed.
In the end, I have a $0 basis in my Traditional IRAs on 12/31/24, and I have a $7,000 Non-Deductible IRA Contribution on Form 8606 made in 2024.
March 20, 2025
9:42 AM