I made an excess contribution to a Roth IRA in 2023 and only now in January 2024 realize that my income was over the limit for Roth contributions in 2023, so I just withdrew the contribution and earnings. Because I did this before April 15, there will be no penalties on the withdrawn contribution but I have heard different things about the withdrawn earnings. One person said that I will need to pay income tax and a penalty on the withdrawn earnings. Another person said that a new law passed in early 2023, Secure 2.0, eliminates the penalty on the withdrawn earnings and that I just need to report the earnings on my 2023 return, even though they were withdrawn in 2024. I was told I will get a 1099-R for the withdrawal but not until a year from now in 2024. I don't know where to report the earnings in Turbotax. The retirement income portion doesn't give me an option because I don't yet have a 1099-R (and won't until next year). Can anyone help with this? Thanks.
