I contributed $7500 towards my 2024 Roth IRA in Feb 2024 expecting that I would have the income to be eligible for it. At the end of the year (first week of Jan 2025) after I realized that I would not be eligible for it I had Schwab (where my Roth IRA account is held) remove the entire $7500 and the gains I had upto then as excess contributions. However, I still received the Form 5948 from Schwab in May 2025 showing that I had contributed $7500 towards Roth for 2024. I am yet to file my 2024 returns as I have filed for an extension.
My questions is - How do handle this on my 2024 tax returns ? Should I simply report $0 as my Roth IRA contribution since the excess was removed within the allowed period ? Or is there a form in TT to report the inital $7500 contribution and then the removal of it as an excess contribution ?
I am aware that I will recieve a 1099-R in 2026 for the gains/interest earned and that I will need to amend my 2024 returns at that time.
Thanks
