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- If a 65 year old client made an excess contribution to a Traditional IRA in 2023 and did not claim it on his tax return, how should he treat the total distribution 2024?
If a 65 year old client made an excess contribution to a Traditional IRA in 2023 and did not claim it on his tax return, how should he treat the total distribution 2024?
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RonnieD
Level 1
03-31-2025
08:24 PM
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Should an amended tax return be filed to claimed in 2023 to account for the excess contribution?
3 Comments 3
sjrcpa
Level 15
03-31-2025
10:11 PM
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Part of it is a normal distribution. The part attributable to the excess is treated as an untimely return of the excess., subject to applicable penalty.
The more I know the more I don’t know.
qbteachmt
Level 15
04-01-2025
02:19 PM
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"Should an amended tax return be filed to claimed in 2023 to account for the excess contribution?"
Earnings attributable to the amount would be reported for every year the excess exists in the account.
It also matters if the contribution was deducted or not.
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