RETIREMENT FUND WITHDRAWAL

[tonyrita]

I WITHDREW FUNDS FROM A RETIREMENT ACCOUNT TO SATISFY IRS REQUIREMENTS FOR 2023 BUT WITHDREW THEM BEFORE APRIL 15TH, 2024 SO THAT MY 2024 1099-R INCLUDES THE  WITHDRAWAL  FOR 2023. WHAT SHOULD I DO?

[AmyC]

You don't indicate if you added the income to your return last year.

1. Look at your 1099-R box 7:

• If you have code P -this would require an amended return for last year and file the 1099-R for extra income -if it wasn't already included.
• If you have code 8, just include the amounts on this year's return.

2. Therefore, if you already added it to last year's return, it would not be taxed this year. If it was not on last year's return, it either needs to be amended or added to this year.