In early 2024 I realized we had contributed too much to our Roth IRA in 2022 and 2023. We withdrew these excess contributions in January 2024 and received a 1099-R for each of the two separate year’s withdrawals. Both 1099-R forms are for 2023.
On our 2023 taxes the total of these two excess contributions was entered on line 18 of form 5329, and turbo tax placed the same amount on lines 22 & 24 of form 5329. We had an additional tax amount on line 25, which was paid with our 2023 bill. The excess contributions were withdrawn from our account no longer remains there.
Now doing our 2024 taxes Turbo Tax is calculating that we owe this amount again, but we do not as the excess contributions were withdrawn from our account in January 2024. I was not given the opportunity to enter anywhere that we had withdrawn these contributions at any time while going through turbo tax in 2023.
I am not sure how to correct this. Here are my questions:
1. Do the 2023 excess contributions need to be reported at all since they were withdrawn before the 2023 filing deadline of 4/15/2024?
2. If not do I amend my 2023 return and exclude the 2023 contribution withdrawal amount?
3. What do I need to do to get this off my 2024 return since we have already paid the penalty AND the excess contributions were withdrawn from our Roth IRA.
4. Since the remaining excess contributions belong to 2022, but were not withdrawn until 2024, does there need to be an amendment to my 2022 return?
