Return of IRA

[karen]

Turbo tax asks when you are reversing your IRA contribution how much you returned. For example if you put in 1000 into an IRA January 2023 and you wish to reverse that out in January 2024 do you put 1000 or do you include the earnings in the reversal. So if the 1000 earned $25 you would put that you put in 1000 and your took out $1025? 

[fanfare]

If you reversed in 2024 you asked the custodian for "excess plus earnings"

If you did not do that you will have a problem.

You will get the 1099-R for that next year.

meanwhile search other posts for how to get the $25 on your current tax return without a 1099-R.

The positive earnigs are taxed.

[karen]

I found one which has me enter the information in a 1099 which I create not one provided to me. Therefore using e-file it seemed ok but if I have to mail in it seems odd to print off a form not provided to me by a financial institution. 

[ThomasM125]

If you mailed the tax return in, you would not need to attach the substitute Form 1099-R. You just need to attach tax documents that report wages or taxes withheld.