On 2/2/24 I inadvertently contributed 4,500 to my Roth IRA for tax year 2023; and 5,000 to my Roth IRA for tax year 2024. I reversed the transactions when I found out I was over the Roth income limits.
On 2/6/24 my financial institute sent me checks for 400; 4,500; and 5,400 and said the excess contributions and earnings will be reported on 1099Rs in 2025.
In 2025, I received 2 1099Rs for tax year 2024.
1099R #1 – box 1: 5800; box 2a: 800; box: 7 8J – other boxes blank
1099R #2 – box 1: 4500; box 2a: 0.00; box 7: PJ – other boxes blank
I’m using Turbo tax desktop.
Q1: “For Corrective distributions made before the due date of the return”, do I enter 800 (from 1099R#1 box 2a)?
Q2: I don’t think I need to file an amended 2023 return because there were no earnings on the 4500 contribution I made in 2024 for tax year 2023 (as supported by 1099R#2 box 2a $0.00, and code PJ?
Q3: A follow-on screen asks “Explain the Return of Contribution” – Can I just say “Return of excess Roth contributions made in 2024 for tax years 2023 and 2024”?
If more info is required, what else do I include?
Thank you.
