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1099-R with incorrect code for withdrawal of excess Roth IRA contribution
I made a Roth IRA contribution in 2023 with after-tax money and then withdrew it in March 2024 due to exceeding the income limit. The 1099-R for 2024 indicates code "T" rather than code "P," so Turbotax is counting it as income. I've spoken with the custodian and they will not change the code on the 1099-R, though there is evidence of the withdrawal and removal of the small amount of associated income from the Roth account. What should I within Turbotax do to avoid double-taxation on this money, and is there anything else I should do to avoid issues with the IRS on this matter?
March 8, 2025
5:27 AM