The best thing to do would be to report the distribution made in 2023 on your 2022 tax return. Otherwise, you will need to amend your 2022 tax return in 2024 when you get the form 1099-R reporting the distribution belonging in 2022.
If you wish to report the earnings on your excess Roth IRA contribution distribution in the current year, you will need to make a substitute form 1099-R entry in Turbo Tax. Please follow these instructions:
- Choose the Federal option on your left menu bar
- Choose Wages & Income
- Choose IRA, 401(k), Pension Plan Withdrawals (1099-R)
- Choose the Financial Institution or other provider (1099-R) option
- Enter your pension distribution information by completing a form 1099-R entry
- Work through the section until you see a screen that says Do any of these situations apply to you? And check the box that says I need to file a substitute 1099-R
You need to enter the distribution amount in box 1 and the earnings in box 2(a) and enter code "T" and "P" in box 7. Indicate that the Form 1099-R is for 2023.
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