Reporting excess Roth contribution earnings

[shelleyfl59]

I removed excess Roth contributions prior to filing my extension this year. I will not get the 1099R from Vanguard until 2025. Can I just wait and file an amended return next year or is there a way to declare this on my 2023 taxes? Someone mentioned creating a dummy 1099-R, but I am a little nervous about the information not matching next year's 1099. Thanks!

[dev145 · Accepted solution]

Hello shelleyfl59,

If  you are comfortable and know the excess and earning amounts, you can report by creating 1099-R. You can also report earning as other reportable income without going thru 1099-R only if you know the earning amount. If you are not sure, you can always wait and file amended return when you receive 1099-R next year. 

Thanks for participating in TurboTax's Ask the Expert event today. I hope this information was helpful!

[shelleyfl59]

Would I report this under Interest Income?

[dev145]

No, you will report this under Other Income. You will find other income section  under Wages and Income -> Less Common Income -> Miscellaneous Income.  You might have to click on "show all topics" to find other income section.

Regards,
TurboTax Expert