You will still have to pay the 6% penalty on your 2025 return since the excess wasn't removed by December 31, 2025.
Since you withdrew the 2023 excess Roth IRA...
If you are over 59 1/2 and had the Roth IRA for 5 years then your distributions are Qualified Distributions and your Form 1099-R should have code Q or T and you...
To clarify, you made an excess Roth IRA contribution for 2020, then recharacterized this in 2021 before the due date of the 2020 return as nondeductible traditi...
To clarify, do you have a star symbol next to line 13 and 18 of Form 8606? If yes, then TurboTax is using the Taxable IRA Distribution Worksheet per Pub. 590-B ...
To clarify, do you have a star symbol next to line 13 and 18 of Form 8606? If yes, then TurboTax is using the Taxable IRA Distribution Worksheet per Pub. 590-B ...
