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April 14, 2025
Question

2023 taxes acidentally claimed a traditional IRA distribution

  • April 14, 2025
  • 1 reply
  • 0 views

It should have been a contribution in 2023 and a distribution in 2024. Small amount $850. I already paid the distribution tax in 2023. Should I amend the 23 taxes or just pay the small tax again on 2024 taxes? I'm 60 so no penalties. 

Thank you!

    1 reply

    April 14, 2025

    If the distribution occurred in 2024, you should have a form 1099-R for it and you should enter that form in your tax return.

     

    For 2023, as you have paid taxes on a distribution which did not exist, you can amend your return to get a refund of overpaid taxes.

     

    Please read this TurboTax Help topic on how to amend a prior-year tax return.

     

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    Gigi471Author
    April 14, 2025

    Thank you,  I don't want to hassle with amending 2023 so I'll just pay the small amount of taxes again 😊