I withdrew money from an IRA, paid federal tax. Meant for 2023 but the transaction didn't happen until 1-4-2024. Can I include the tax paid in 2023 tax return?

The traditional IRA was a rollover from years ago. I withdrew the money and paid federal tax at that time.

posted

Connect with an expert

2 Replies

I withdrew money from an IRA, paid federal tax. Meant for 2023 but the transaction didn't happen until 1-4-2024. Can I include the tax paid in 2023 tax return?

If the funds were not distributed until 2024 then you will not receive a Form 1099-R for the distribution until next year in 2025. It would be reported on your 2024 tax return along with the federal taxes withheld.

I withdrew money from an IRA, paid federal tax. Meant for 2023 but the transaction didn't happen until 1-4-2024. Can I include the tax paid in 2023 tax return?

Thank you for the very quick reply!

Still have questions?