I have been reading through the responses and would appreciate clarification to responses in my situation.
My Roth IRA excess contribution happened last year when filing my 2023 tax return. Turbo Tax identified the amount of $2,090 during tax preparation, which my broker then re-characterized in March 2024 as a 2024 contribution instead of from 2023. The distribution included $118 in earnings. So the money never actually left the account, and the amount of the excess contribution was what was removed, unlike some of these other posters who removed additional funds.
Fast forward to now where I have a 2024 1099-R with those amounts in lines 1 ($2,207.88) and 2a ($118) with no taxes withheld and codes J and P. Do I have to amend my 2023 return to include the $118 in earnings or am I able to report those in 2024 (since the distribution occurred in 2024)? I do not believe I entered the $118 anywhere on my 2023 return.
Thank you in advance!
