In April 2024 I contributed $7,000 to my Roth IRA at Schwab for year 2024. Later that year I transferred my account to Fidelity. Separately in 2024 I sold stock that ended up pushing up my MAGI to the point that my contribution was in excess of what's permitted.
When I discovered this in February 2025 I had Fidelity remove the excess contribution plus earnings, including those at Schwab. I understand the contribution will not be penalized since I have not yet filed but the earnings will be taxed, that's fine but I was hoping for some clarification on the process of filling out the 1099-R.
The recommendations I've seen on addressing this indicate to use codes P and J for box 7, however both Intuit/TT and the IRS themselves show P as referring to taxable in 2023. Additionally, when I spoke with Fidelity about the future 1099-R the gentleman said they code box 7 as a normal distribution and it's up to me to account for it with the proper codes. That somehow doesn't seem correct as I assume they send this to the IRS and my submission is expected to match theirs. Meanwhile, code 8 seems more appropriate, excess contributions taxable in 2024.
Ultimately I'm hung up on trying to be sure I'm filling out the 1099-R correctly without having one. I understand I could wait until next year but I'd like to be done with this now if possible.
Thanks for any insight you gurus might be able to share.
