In November 2023 I contributed $6500 to my Roth IRA. In March, I realized my AGI was too high, so it was an excess contribution. I requested (from Schwab) to withdraw the excess contribution ($6500) plus earnings ($578.52). I did *not* report the earnings, or anything about the Roth IRA contribution, on my 2023 tax return. This year I received a 1099-R indicating the distribution: a total distribution of $7078.52, with $578.52 as the taxable amount in box 2a, and with codes PJ in box 7.
1. According to what I have read, I have to go back and amend my 2023 tax return. BUT, I don't know how to do this in TurboTax. When I navigate to my 2023 return and begin to amend it, I am not able to add a 1099-r (or, at least, I cannot figure out how to do that). I think I need to generate a form 1040x plus form 5329, but I can't seem to make turbo tax do that.
2. After I amend my 2023 taxes, do I need to wait to file my 2024 taxes?
3. What steps do I need to address the excess distribution issue in my 2024 tax return?
Thank you.
