Yes, for 2024 you would enter the excess contribution one more time and let TurboTax prepare another form 5329 (penalty calculated should be 0 by then). This is necessary to show the IRS that the excess contribution was resolved.
You would enter the 2024 Form 1099-R with code J for the regular Roth IRA distribution (without earnings) on the 2024 return.
- Click "Federal Taxes" on the top and select "Wages & Income"
- Click "I'll choose what to work on"
- Scroll down and click "Start" next to "IRA, 401(k), Pension Plan (1099-R)"
- Enter all your 1099-Rs
- Click "Continue" on the "Review your 1099-R info" screen
- Answer all the questions and make sure you enter the net contributions prior to 2024 on the "Enter Prior Year Roth IRA Contributions" screen (include the excess contribution)
- On the "Do you have any Excess Roth Contributions" answer "Yes"
- On the "Enter Excess Contributions" screen enter the total excess contribution from 2022.
@AprilWang
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