Hi Minh,
I am currently in the process of withdrawing the excessive Roth contribution amount. Your response is very helpful. However, I do have a few questions regarding how to report using the Turbo Tax.
1. In your response, you stated that I need to create a new 2025 1099-R form. How do I do that in TurboTax? The 1099-R from in the program seems always to be 2024 1099-R form. How do I indicate the year on the form is 2025?
2. The code PJ in Box 7, "P" in TurboTax is labelled as" Return of Contribution Taxable in 2023". But it should be "Return of Contribution Taxable in 2024, is not it?
3. Under the Roth IRA contribution section in the TurboTax Premier, I should still input the contribution amount $7,000, then keep following the steps to the Question "Do you have any Excess Roth Contributions". I click "NO" button. Then the next page "Contributions Withdrawn Before the Due Date" the withdrawn Return Box amount, Should I input "$7000", or "$7000 + the earnings"?
Thank you in advance to your responses.
Frank W.
