Hello, I've been reading a lot of posts about this, and I think I understand excess contributions but my specific scenario hasn't been covered and I have a few questions to fill in the gaps - hopefully the community can help me out....
I made excess Roth IRA contribution in 2023:
- Excess contributed $606
- Gains made from the excess: $158.52
- I have withdrawn the excess and the gains via an excess contribution withdrawal request from the broker (E*trade).
- I am under age 59
- I have not filed yet for 2023.
- I anticipate I will get a 1099-R for this activity next year, but I am trying to avoid amending my 2023 return.
- I am now filing my 2023 taxes and trying to figure out how to enter this in TurboTax.
Here's how, after reading some other forum posts, I am expecting to enter as a "fake?" 1099-R for the 2023 tax year:
Box 1: 764.52
Box 2a: 158.52
Box 3: 158.52
Check boxes "P" and "J"
Questions for the community:
- Am I on the right track? Do the above boxes look right?
- Do I choose "substitute 1099-R" or just choose a regular 1099-R?
- Since I don't have a form, what do I put for the Payer name, address, and Federal ID number? I don't have other tax forms to reference this info on. (The broker is E*Trade)
Thanks in advance
