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Retirement tax questions
If you withdrew your 2023 excess contribution to your Roth IRA before the due date of the 2023 tax return (April 15, 2024), make sure that you also withdraw the related earnings.
On your 2023 tax return, you don't report the excess contribution as it's been withdrawn. The earnings have to be reported and taxed in 2023.
If there is a loss, that loss isn't deductible.
When you receive the 2024 form 1099-R with code PJ in box 7 (in 2025) for this withdrawal, there's no further action needed.
[Edited 02/28/24 | 11:09AM PST]
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‎February 28, 2024
7:36 AM