In 2006 I over-contributed $2400 to a Roth IRA. So in 2008 I removed the excess contribution and filed a 2006 Form 5329 to pay the 10% + 6% penalty .
I still received a 2008 1099-R for the removal of my excess contributions. Can I ignore it for my 2008 return since I already took care of it with my 2006 5329?
What code is in Box 7?
-------------- Phil Marti, VITA Volunteer Clarksburg, MD
The code is J
Enter the Box 1 amount on line 15a of your 2008 1040 and zero on line 15b. See the instructions for the 1040 and Form 8606.
-------------- Phil Marti, VITA Volunteer Clarksburg, MD
BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.