Why am I being taxed again in 2017 for an excess contribution that I was taxed for in 2016?

dro49421 · ‎June 4, 2019

CarolC · ‎June 4, 2019

You must distribute the excess. You will be taxed on the excess contribution until you make a distribution of the excess.

You will have to pay the penalty on ALL excess contributions (those from prior years along with any in the current year) until you withdraw the excess contributions.

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macuser_22 · ‎June 4, 2019

Excess to what? IRA, 401(k), other?? Was it removed?

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

CarolC · ‎June 4, 2019

You must distribute the excess. You will be taxed on the excess contribution until you make a distribution of the excess.

You will have to pay the penalty on ALL excess contributions (those from prior years along with any in the current year) until you withdraw the excess contributions.

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Why am I being taxed again in 2017 for an excess contribution that I was taxed for in 2016?