Question
We have an excess contribution to a Roth IRA during 2023. We had the contributions reversed and returned. What do I need to do in this tax year (2023) to address this?
We have an excess contribution to a Roth IRA during 2023. We had the contributions reversed and returned. It is my understanding that of the distribution, only the gains would be taxable. I think I will receive a 1099-R for this distribution in 2025 since the distribution occurred in 24, but I did not get one this year. What do I need to do in this tax year (2023, due 2024) to address this?
