DanaB27
Expert Alumni

Get your taxes done using TurboTax

If you had paid the amount due with your original return then you will get the amount shown on line 22 of Form 1040-X. You can ignore the payment form.

 

Yes, you can wait until you get the 2024 Form 1099-R for the withdrawal of excess contributions and then amend the 2023 return again if necessary.

 

Generally, financial institutions will use this rule:

 

  • If you made the excess Roth IRA contribution in 2024 for 2023 and then withdrew it in 2024 then you will have code 8 and J on your 2024 Form 1099-R, and it will have to be reported on your 2024 tax return.
  • If you made the excess Roth IRA contribution in 2023 for 2023 and then withdrew it in 2024 then you will have code P and J on your 2024 Form 1099-R, and it will have to be reported on your 2023 tax return.

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