I contributed to a SEP IRA in 2025 (which is like a traditional IRA) and determined I made an excess contribution. I directed my financial institution to remove the excess contributions plus earnings on it, which they did in 2026. I understand that the financial institution will issue a 2025 1099R for this as a distribution but they wont issue until 2026. I read another post that said in this situation, you can add a 1099R in turbotax for 2025, report the gross return of contribution plus earnings in Box 1 and the taxable earnings in Box 2. I also read to use a distribution code of P. or PJ if it is a Roth, which in my case it is not I did this in turbotax but code P is labeled as an excess contribution plus earnings that is taxable in 2024, not 2025. And when I entered the new 1099R with code P it did not add taxable income for 2025. Is there a way to report this for 2025 tax return in turbotax ? Or do I need to wait until the financial institution issues the 2025 1099R next year and then file an amended 2025 return?
