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Get your taxes done using TurboTax
The excess will resolve when you enter the 2025 Form 1099-R next year on your 2025 tax return. TurboTax will enter the distribution on your 2025 Form 5329 line 20 and this will resolve the excess contribution. This regular distribution is a non-qualified distribution if you are under 59 1/2. But will not be taxable since you can withdraw Roth contribution anytime, tax- and penalty-free.
Next year on your 2025 tax return:
- Login to your TurboTax Account
- Click on "Search" on the top and type “1099-R”
- Click on “Jump to 1099-R” and enter all your 1099-Rs
- Click "Continue" on the "Review your 1099-R info" screen after you entered all you Form 1099-R
- Answer "Owned Any Roth IRA for Five Years?" screen
- Continue through the questions and make sure you enter the net contributions prior to 2025 on the "Enter Prior Year Roth IRA Contributions" screen (include the excess contribution amount in the net contributions.
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March 1, 2025
3:18 AM
3,788 Views