cbrough1
New Member

2024 Taxes still shows penalty for overfunded 2022 IRA contributions, despite being withdrawn and 1099-R with code 8J entered

I overfunded my IRA in 2022, withdrew the excess contributions and had them withhold the taxes on the earnings. This all happened within 2022, so I received a 2022 1099-R showing distribution code 8J, which I entered into TurboTax when filing my 2022 taxes.

 

During the course of preparing my 2024 taxes I noticed that it still has a form 5329 and on line 18 it looks like it carried forward from 2022-->2023 and then 2023-->2024 my excess contribution amount, even though it was withdrawn within the same year it was deposited.

How can I correct this?