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Incorrect Box 7 on 1099R
In May 2024, I received a bonus from work that I used to open a Roth IRA thru Vanguard at the full $7000 amount. Shortly afterwards, I realized that my new income level would not allow me to put in the full $7000. I called Vanguard and they told me to removed the amount ($2000) I over contributed. I did that within 30 days of when I opened the Roth. When I received my 1099-R form they coded the $2000 as a distribution with a code J in box 7. I called them and they said that they would not fix it but I needed to fill out a form 5329. In reading what the 5329 form is I don't think that is correct. (I am not confident in the person I talked to at Vanguard.)
I am not sure how to correctly handle this in turbo tax. Please advise.
‎February 25, 2025
1:25 PM