In Jan 2024 I contributed $8000 to my Roth IRA at Vanguard for year 2024. I discovered in February 2025 my MAGI was in excess of what's permitted. I have Vanguard remove the excess contribution plus earning on March 4, 2025 with no Federal and State tax withholding. Vanguard said I will get a 2025 Form 1099-R in 2026 with box 7 codes P, J. Some other Vanguard agent said box 7 if prior year code P, 1 and current year code 8,1. Which code is the correction one?
Two questions I want to know:
1) How do I report remove excess $8000 and earning 2024 tax return? Please show me how to input Turbo tax.
2) Can I report it now in my 2024 return and ignore the 1099-R when it comes Jane 2026. Do I have to amended tax return 2024?
Thank you.
