ThomasM125
Expert Alumni

Investing

You need to determine the amount of income that applies to the overpayment in 2023, from the earnings on the overcontributed funds during that year, and enter that for the taxable amount in line 2a of your 2023 Form 1099-R entry.  You received the return of funds in 2024, but since the income was earned on 2023 contributions, that income goes on the 2023 return. 

 

If you think the broker didn't report things properly, then you should request a corrected Form 1099-R.

 

 

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