I mistakenly deposited money into my daughter's Roth IRA account (minor, no income this year, dependent on our 2024 taxes). When I realized it, I requested return of excess contributions and any associated earning. My deposit of $1000 was made in December 2024 and I received excess contribution check for $919.2 (as there was $80.8 loss) in February 2025. Since I was not planning on filing 2024 taxes for my daughter (no income), I called the IRS help line to inquire if I should complete the 5329 form (and if should be this year or next year, since I will not get the 1099-R until next year). I was told that I do not need to file 5329 since there is no earning. Does that sound correct? What will happen next year when we get 1099-R for my daughter - anything I need to do then?
