DanaB27
Expert Alumni

Retirement tax questions

To clarify, the Form 1099-Rs you received, one Form 1099-R had code P and the other had the code 8? Box 1 shows $7,500 for the returned 2023 excess contribution and $8,000 for the 2024 excess contribution but box 2a show $0 for both?

These would be correct codes for return of excess contributions from a Traditional IRA, so it is weird that they didn't include the earning in box 2a when you had earnings allocated to these contributions.

 

What do you mean with "we have now put back the 2 earnings into Trad IRA"? Did you move money back into the Trad IRA? That would be a new contribution for 2024. Can you make contributions for 2024?

 

@susieq1013 

 

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