Hi, I made a $7000 traditional IRA contribution in November 2024. I realized I exceeded the limit based on my MAGI, so I did a withdrawal of excess in February 2025 totaling $7,339.73 (original amount plus earnings). I had taxes withheld. I asked the bank for the breakdown so I could enter my own 1099-R since the bank won't publish theirs until 2026 and I don't want to have to amend my 2024 return later.
Here is the breakdown:
Code 1 Premature
Gross $145.09
Fed Tax 14.51
ST Tax 129.13
Code 8 Excess
Gross $194.64
Fed Tax 19.46
ST tax 173.23
Code P Excess
Gross $7000
Fed Tax 0
ST tax 0
I can't figure out which items go on my 2024 return and which go on the 2025, and in which boxes of the 1099-R I'll be creating. Do you have any insight?
