Question
Excess Roth contributed in for year 2024 repaid in 2025
I made an excess contribution to Roth for 2024 ($8000) early January 2025. After realizing I was not eligible for contributing without a tax penalty, the amount was returned plus the $37 of interest earned in March 2025. When filing taxes in our financial advisor is saying we should have an early withdrawal penalty of 10%, but TurboTax online isn't showing the 5329 at all. I also see that we did not report a Roth contribution on 2024 taxes as my form 5498 showed no contributions because it was reversed early enough.
What do I need to know or do for this years filing and do I need to amend 2024?
