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Bruce711
New Member

Excess Contribution Simple IRA

I made an excess contribution to my Simple IRA is November 2023.  I realized my error in 2024 and took a gross distribution from my Simple IRA in January 2024.  The 2024 gross distribution included the original excess contribution plus additional taxable income derived from the excess contribution.  At the time of the gross distribution I withheld State and Federal tax equal to the entire taxable amount of the additional taxable income.  I received a 2024 1099-R that documents these transactions.  It includes a Code P that is taxable in 2023.

 

When I attempt to enter this data in my 2024 tax return, Turbotax Premier states that I must amend my 2023 return.  When I attempt to amend my 2023 in Turbotax Premier, it does not have drop down box Code P for 2023, it only has a Code P for 2022.  It appears to me that the 2023 program does not include an option for individuals who are amending a 2023 return for a Code P 2023.   Is there a work around?

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