I apologize for adding onto the already long list of "Excess Roth IRA Contributions" posts.
While doing taxes in 2024 for Tax Year 2023, TurboTax alerted me that my income was too high to be eligible for a Roth IRA. Through Betterment, I withdrew a total $6,610.36 out of the Roth and put it into a taxable account ($5500.04 contribution plus the calculated $1110.32 interest). In my 2023 tax form, I can see I added $1110.32 into Schedule B Part 1 Taxable Interest. Knowing what I know now, I probably should have done a substitute 1099-R.
Now for Tax Year 2024, I received a 1099-R with the Gross Distribution of $6,610.36, tagged as "Removal of Excess 2023 Contributions".
1.) Do I need to amend my Tax Year 2023 form with this 1099-R?
2.) Do I still need to include the 1099-R form in my Tax Year 2024 forms?
Thank you!
