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March 13, 2025
Question

I put more than my allowed amount in my traditional Ira in2023, what is the easiest way to fix that?

  • March 13, 2025
  • 1 reply
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How can I use that overpaid amount as part of my IRA deduction this year?

    1 reply

    March 23, 2025

    Did you make any of the 2023 contribution in 2024?  If you made the 2023 contribution in 2023,  you must make sure you complete the 5329 for 2023 to pay the penalty.  You can then apply the excess amount to your 2024 (just make sure you did overcontribute again.)