Question about tax return. in 2022 I made excess contribution to Roth and Traditional IRAs. Before the deadline I withdrew excess contribution so that at the moment of 2022 Tax Return filing I didn't have excess money neither on Roth or Traditional IRAs.
Question - do I need to mention that I had excess contribution to Roth and Traditional while filling 2023 tax return?
Yes, you do need to report the excess contributions. The system will then ask how much you withdrew and you'll enter that. All of that information doesn't effect your tax return bottom line at all, but it does need to be reported to the IRS.
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