You need to check with your financial institution, they are required to issue a 2023 Form 1099-R for the Roth IRA distribution. Since the distribution happened in November 2023 you should have requested a regular distribution of $724.
You will need the 2023 Form 1099-R to enter the distribution and this resolve the excess contribution from 2022:
- Login to your TurboTax Account
- Click on "Search" on the top and type “1099-R”
- Click on “Jump to 1099-R” and enter all your 1099-Rs
- Click "Continue" on the "Review your 1099-R info" screen after you entered all you Form 1099-R
- Answer "Owned Any Roth IRA for Five Years?" screen
- Continue through the questions and make sure you enter the net contributions prior to 2023 (include the excess contribution amount here) on the "Enter Prior Year Roth IRA Contributions" screen
After entering the distribution, TurboTax will create Form 5329, which will show the excess contribution as removed and therefore TurboTax will no longer calculate the 6% penalty of $43.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
