Hello,
In 2023 I contributed $6,500 to my Roth IRA. I ended up surpassing the income limit and had to withdraw it as an excess contribution which I did in February 2024 while doing my taxes. I of course did not receive a 1099-R for this in time for filing. If I look back at my 2023 return, I see $6,500 in the excess contribution section and $390 (6%) as "additional tax".
In 2024 the same thing happened with my $7,000. I contributed in January but realized by October I would have to withdraw it and did so.
Now that I am doing my taxes for 2024, Vanguard sent me two 1099-Rs in the same file for both of these events. Since both excess contributions were removed in 2024 (even though they pertained to different contribution years), do I import both 1099-Rs into this year's taxes? Or only the one that corresponds to the 2024 contribution/withdrawal?
Turbotax tells me I also have to amend my 2023 taxes. I assume when I do that, they want me to enter only the
1099-R that corresponds to that year's removal. So is it correct to import both this year?
Any help is appreciated. Thank you.
