Hello, I was working on our tax year 2024 tax return and had it finished and nearly ready to file when I realized I had an excess Roth IRA contribution. I had forgotten I had contributed $75 in January of 2024 to my Traditional IRA, and with the $8,000 I had contributed to my Roth IRA in 2024, that put me over my yearly limit by $75. My financial advisor at Edward Jones was able to have the excess $75 contribution made to the Roth IRA removed along with the $4.45 earnings. The $75 and the $4.45 earnings were transferred into a joint mutual fund account my wife and I have with Edward Jones. I'm just not sure what steps I need to do to update our tax return before filing. I did go into the IRA contributions and adjusted the amounts so that it reflects the $75 contribution to my traditional IRA and $7,925 to my Roth IRA (instead of the $8,000 I had originally entered). Do I need to enter the $4.45 earnings somewhere? Am I supposed to receive a Form 1099-R for these earnings? The removal was just completed on March 6, 2025. I am not sure if I am going to be receiving a 1099-R for this or not. Would I be getting one? Is there any other form I should/would be getting? Is there a penalty I will need to pay and if so, does that get directly taken out from the refund we are scheduled to receive? I appreciate any help and/or direction you can give me.
