Hi,
I made a $7000 contribution to Roth IRA in March 2024, then realized I don't qualify Roth IRA contribution due to income limit. I moved the $7000 back to my nonretirement account the very next day. So both contribution and return of excess contribution done in 2024. But I didn't know I needed to fill out the IRA return of Excess Contribution form with my broker to get the correct 1099-R.
So I received a 1099-R 2024, in which this $7000 is counted as early distribution. Since box 7 is coded as J only.
I called my broker today, they said I can still send in the IRA return of Excess contribution form before 4/15/2025. They will issue a corrected 1099-R, but not till 5/30/2025.
So my question is do I still need to enter the 1099-R I have now, but which will count the $7000 as early distribution and I will get taxed, or can I just enter one my self, to put both J and P into box 7, and check the corrected box to avoid getting taxed now and filing amend later?
Thank you for your help!
