Yes, you need to enter this Form 1099-R as shown. No, you cannot just change the code since you did not withdraw the earnings with the excess contribution.
To clarify, did you have any Roth IRA contributions in prior years? If yes then you can enter your net contributions prior to 2024 in the follow-up questions. Note, you can withdraw contributions you made to your Roth IRA anytime, tax- and penalty-free.
- 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 2024 on the "Enter Prior Year Roth IRA Contributions" screen
- On the "Any Roth IRA Conversions?" screen answer "Yes" if you made conversions before 2024
- Continue through the questions.
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