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New Member
posted Mar 7, 2024 2:43:58 PM

I have a small amount of excess Roth IRA contributions 2023, I have figured out NIA (Net Income Attributable), In simplest terms, where can I record/report it?

I have withdrawn the excess contributions and figured out the NIA.

0 2 796
2 Replies
Level 15
Mar 8, 2024 12:02:42 AM

with the excess contribution, the allocable earnings also  must be removed and reported..

If you received an early distribution from your Roth IRAs, include on Form 5329 line 1 the part of the
distribution that you must include in your income. You will find
this amount on line 25c of your Form 8606.

Put the same amount on Line 2.

Use Code 21 to bypass the penalty that is no longer applicable in 2023.

 

@djjacobs1 

Level 15
Mar 8, 2024 12:22:48 AM

Answer above edited.

it is recommended to use the tax software where possible.

 

@djjacobs1