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RonnieD
Level 1
April 1, 2025
Question

If a 65 year old client made an excess contribution to a Traditional IRA in 2023 and did not claim it on his tax return, how should he treat the total distribution 2024?

  • April 1, 2025
  • 3 replies
  • 19 views
Should an amended tax return be filed to claimed in 2023 to account for the excess contribution?
    This topic has been closed for replies.

    3 replies

    sjrcpa
    sjrcpa
    Level 15
    April 1, 2025

    Part of it is a normal distribution. The part attributable to the excess is treated as an untimely return of the excess., subject to applicable penalty.

    The more I know the more I don’t know.
      sjrcpa
      sjrcpa
      Level 15
      April 1, 2025

      What made it excess for 2023? Was it reported as a nondeductible contribution on Form 8606?

      The more I know the more I don’t know.
        qbteachmt
        qbteachmt
        Level 15
        April 1, 2025

        "Should an amended tax return be filed to claimed in 2023 to account for the excess contribution?"

        Earnings attributable to the amount would be reported for every year the excess exists in the account.

        It also matters if the contribution was deducted or not.

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