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Retirement tax questions
To clarify, you received these Form 1099-Rs in the beginning of 2025 or in 2024? You stated you removed the excess in January of 2024. If this is correct then your financial institution should have used a 2024 Form 1099-R. Maybe you meant in January 2023?
What are the codes in box 7 of your Form 1099-Rs?
If you removed the 2022 excess before the due date of the 2022 return then you shouldn't pay the 6% penalty on the 2022 and 2023 returns.
if you removed the 2023 excess in 2023 then you do not have to pay the 6% penalty.
You will have to amend the 2022 and 2023 returns to remove the penalty.
On your 2022 return:
- Click on "Search" on the top right and type “IRA contributions”
- Click on “Jump to IRA contributions"
- Select “Roth IRA”
- Enter the Roth IRA contribution
- Continue until the penalty screen and enter the excess contribution amount withdrawn.
On your 2023 return:
- Click on "Search" on the top right and type “IRA contributions”
- Click on “Jump to IRA contributions"
- Select “Roth IRA”
- On the "Enter Excess Contributions" screen delete the entry.
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April 9, 2025
11:52 AM