For tax year 2024, I contributed $7,000 to a traditional IRA. I realized my income exceeded the limits for IRA contributions. Rather than keep this as a non-deductible contribution, I had Schwab remove this as an excess contribution (this has been completed before the filing deadline). There was a $100 loss so the distribution was $6,900. Since I removed the excess contribution in time, there should be no tax implications. However, I am trying to figure out if I still need to report this distribution?
I won't receive a 1099 until 2026 from Schwab. So it seems like my options are to create a dummy 1099 now or wait until I get the 1099 from Schwab in 2026 and then go back and ammend my 2024 filing? Or since there was a loss and thus no taxes owed, can I skip reporting this transaction altogether?
