Hi everyone — looking for guidance on how to properly amend my 2024 return. I originally filed my 2024 tax return, and later realized I had an excess Roth IRA contribution for 2024 due to income limits.
Here’s my situation:
- Contributed $5,000 to a Roth IRA for 2024
- Determined that $4,500 was excess
- Submitted a return of excess request to Fidelity
- Fidelity processed the return of excess in 2026 (funds + earnings distributed to me)
Here’s where I’m confused:
Since the corrective distribution happened in 2026, I understand I will not receive the 2026 Form 1099-R until early 2027. However, I need to amend my 2024 return now to properly reflect the excess correction and avoid the 6% penalty.
My questions:
- How do I correctly amend my 2024 return in TurboTax if I do not yet have the 1099-R?
- Should I manually enter a substitute 1099-R for 2024 (with code P/J), or should I just update Form 5329 to remove the excess?
- If there were earnings on the excess, I understand those are taxable for 2024 (since it’s a 2024 contribution), even though the 1099-R won’t arrive until 2027 — how is that reported now?
- Is there anything specific I need to include in the explanation statement with the 1040-X?
Just want to make sure I handle 2024 correctly now and don’t wait for a 1099-R that won’t arrive until next year. Thanks in advance!
