jharvey
Level 4
03-14-2024
10:01 AM
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Form 5329 instructions say the following:
You can withdraw some or all of your excess contributions for 2023 and they will be treated as not having been contributed if:
You make the withdrawal by the due date, including extensions, of your 2023 tax return; and
You withdraw any earnings on the withdrawn contributions and include the earnings in gross income (see the Instructions for Form 8606 for details). Also, if you hadn't reached age 59 1/2 at the time of the withdrawal, include the earnings as an early distribution on line 1 of Form 5329 for the year in which you report the earnings. Report this amount on line 2 and enter exception number 21.
