qbteachmt
Level 15
03-19-2023
12:16 PM
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Yes, lots of the articles point out you get a 2023 1099-R with code P = prior year.
You ignore the corrective distribution if this is for the same tax year as the original ineligible contribution.
Any earnings would be subject to ordinary income tax.
There is not any penalty. It's a wash.
There should not need to be Form 5329.
Google:
investopedia excess Roth
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