You will request a regular distribution without earnings since you are past the due date of the 2024 return.
1. If you didn't pay the 6% penalty on your 2024 return then you will need to amend it to enter the Roth IRA contribution. Then TurboTax will automatically calculate the 6% penalty.
No, you do not need to add Form 1099-R with code PJ this is only if you remove the excess before the due date of the return.
2. You do not need to wait until the 2024 amened return is processed, you can file the 2025 return now. You will need to pay the 6% penalty on your 2025 return. Please see these steps:
- Click on "Search" on the top right and type “IRA contributions”
- Click on “Jump to IRA contributions"
- Select “Roth IRA”
- On the "Did you contribute more to a Roth IRA than was allowed in 2024 or any previous year?" answer "Yes"
- On the "Enter your excess Roth IRA contributions made in 2024 or prior years" screen enter the total excess contribution from 2024 (if it wasn't carried over).
3. Yes, you will get a 2026 Form 1099-R with code J (assuming you are under 59 1/2) in 2027 and once you enter this into your 2026 return the excess contribution will be resolved. Please make sure that you included the excess contribution amount when TurboTax asks you in the 1099-R follow-up questions about the prior year Roth IRA contributions.
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