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Can withdrawn excess contributions be claimed as a deduction on Form 1040?
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- Can withdrawn excess contributions be claimed as a deduction on Form 1040?
- No. When withdrawing excess contributions, you must inform Further® that the withdrawal is for that purpose. Further® will compute the earnings on the excess contributions for you. The total withdrawal will include the earnings portion.
If contributions are made with pretax dollars, then both the withdrawal and earnings are included in your taxable income. The withdrawal for excess contributions and the earnings will be reported to the account holder on IRS Form 1099-SA.