I overcontributed to my Roth IRA for 2024 and will be requesting return of excess contributions before the tax deadline this April 2025. I understand I will be avoiding the 6% tax penalty and 10% early withdrawal penalty due to this on time corrective action. I also understand I have to report and pay taxes not on the…
My wife over-contributed to her employer 401(k) in 2023. The excess contribution was withdrawn before April 2024, and the income was accounted in our 2023 taxes on form W-2. In 2025, we received a 2024 1099-R which lists the full withdrawal as taxable (Box 2a). The 1099-R Box 7 code is "E." When this is input to…
I received a 1099-R after my mother passed and we got her death benefits. In BOX 14 it says EXEMPT which I take to mean this is not taxable income for NY. The system wouldn't let me add the word EXEMPT but noted to add a 0 in that field instead. However upon adding the 1099-R I noticed that my state refund had dropped by…
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