Peasquare
New Member

Retirement tax questions

Thank you. I believe I understand. There is no Schedule 2 with my 2024 1040 return, so clearly no penalty was calculated then. If I understand you correctly, amending 2024 with the contribution amount, and then entering the 1099-R  on my 2025 return, showing the removal of the excess, Turbotax will then calculate the penalty on the excess contribution and create any necessary forms.