Hello,
We have unexpectedly exceeded the Roth IRA contribution earning limit for 2024, and is projected to exceed the same threshold for 2025 as well. For this reason, we need help on the excess contribution reporting. Details below:
1. We started contributing to our Roth IRA starting in 2023, and at that year we did not exceed the threshold limit. However, we did contribution $7000 in 2024 (for year 2024) and another $7000 in Jan 2025 (for year 2025).
2. We believe it is possible we may exceed the income threshold for 2025 again, so we have already requested and processed excess contribution and earnings withdrawl from our financial institution (Charles Schwab). They have already calculated the associated earnings for us for both contributions.
Questions:
1. Charles Schwab may take some time to generate the 1099-R form for us, and we would like to get started ASAP to wrap up our taxes. In this case, can we enter the forms manually ourselves first?
2. Do we need to enter two 1099-R forms or just 1 for 2024 first and then hold off on reporting the 2025 contributions + earning for 2025's tax return?
3. For information required on the1099-R form such as payee, will that be the same information for our existing 1099 forms from Charles Schwab that we received from our regular Charles Schwab trading account?
4. Any detailed guidance on how to fill out the 1099-R forms is also greatly appreciated.
Thank you!
