@butimnotachef wrote:
A little confused. So did you file a 1099-R as well as a 5329?
You are responding to a long complex discussion without us knowing if the topic fits your specific facts.
If you made an excess Roth IRA contribution in 2023 and remove it between January 1 and April 15, 2024 (the filing deadline), you must also remove the earnings attributable to the excess contribution. Even though the earnings are paid to you in 2024, they are taxable on your 2023 return. To get the earnings reported in Turbotax, you must create a "substitute 1099-R form" for the earnings.
The SECURE 2.0 Act made the timely return of earnings due to excess contribution exempt from the additional 10% penalty, so you would not normally have a form 5329 on your tax return unless you owe penalties for other reasons.
