For tax year 2024, I made $285 excess contributions to my son's custodial roth IRA (he's a baby model and I had to file his own taxes for making more than $400 reported on 1099-NEC in 2024). I caught the mistake and today 3/31/25 filed document for Schwab (IRA provider) to withdraw the excess contributions, which did NOT have any associated earnings (I forgot to invest them after depositing, so they have sat in cash without any gains or losses). Should be corrected before April 15th deadline. How do I report this on a manual 1099-R? I would like to avoid having to amend taxes next year when Schwab sends their 1099-R for the withdrawal. I understand I should enter $285 in Box 1, I believe i should enter $0 in Box 2a (since there were no earnings/gains and therefore nothing to tax, but please correct me if I'm wrong), but for Box 7 code I've read a lot of different scenarios and combinations of P and J but wasn't sure what fit a timely correction of excess contributions with no earnings? Is my assumption correct about entering $0 in Box 2a? Thank you!
