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Old 11-24-2016, 09:20 PM
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Join Date: Nov 2016
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How to handle removing Excess Contribution from IRA

I am little confused and don't see any clear guidelines how to handle the situation. i am filing taxes online for many years.
So here is the situation -

In 2013, i moved my previous employer 401k ( i worked till 2008 for that employer) to Regular IRA and received form 1099-R with Distribution Code 'G' for $5000.00.

But this months (nov 2016) received a letter from my previous employer stating there was error in calculating before tax amount and i should ask for removal of excess distribution from Reg IRA which i did.
Now i have received two 1099-R forms (for year 2013) - one for $4500.00 with Dist.Code 'G' and another for $500.00 with Dist.Code 'E' (excess).

Do i file tax return for year 2013 and show $500.00 as additional income both federal and state? i had refunds for 2013.
I assume due to refund in 2013, i will have to pay some money to Federal and State?
Do i need to file Taxes for 2014/2015 as well since state refund is taxable and will change due to adjustment in year 2013 income?

Thanks in Advance
ajay


Last edited by ajaykumar : 11-24-2016 at 09:25 PM.


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