DanaB27
Expert Alumni

Retirement tax questions

If the $280 excess for 2023 was never removed then you need to pay the 6% penalty on your 2023 and 2024 return. If you didn't have Form 5329 with part IV filled out then you will have to amend your returns. Please see How do I amend my federal tax return for a prior year?

 

Since you removed the 2023 excess after the due date you should have requested a regular distribution without earnings. You will report the distribution next year on your 2025 return when you get the 2025 Form 1099-R with code J (if you are under 59 1/2).

 

To add the 6% penalty on your 2024 return:

 

  1. Click on “Jump to IRA contributions"
  2. Select “Roth IRA
  3. On the "Do you have any Excess Roth Contributions" answer "Yes"
  4. On the "Enter Excess Contributions" screen enter the total excess contribution from 2023.

 

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