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Get your taxes done using TurboTax
In early March 2025, I made an excess Rollover IRA contribution of $2000 to tax year 2024 and made an earning of $17 during March 2025. Both excess contribution and earnings were returned through Fidelity with a 10% tax withheld at the end of March. What is the next step? Do I need to file form 1099R for tax year 2024 before 4/15/25 to report the earnings? Or can it wait until 2025? If it can wait until 2025 after I receive the 1099R form from Fidelity, does that mean I have to file an amendment to 2024? Thanks!
I also made an excess contribution to my ROTH IRA account in the same timeline and returned it. But it incurred a loss so I assume I don't have to anything as long as it was returned?
‎April 14, 2025
11:55 AM