To enter a refund of excess IRA contributions received in 2025 for 2024 contributions on your 2024 return, follow these steps:
- Go to the personal income section of TurboTax
- Find the Retirement Plans and Social Security menu option in the Wages and Income section of TurboTax
- Start or Update IRA, 401(k), Pension Plan Withdrawals (1099-R)
- Choose Add Another 1099-R
- Choose I'll type it in myself
- On the screen that says Tell Us Which 1099-R You Have choose I need to prepare a Substitute 1099-R
- Enter the distribution amount in box 1 of the substitute 1099-R
- Enter the earnings in box 2(a)
- Enter code "P" in box 7 (And code "J" if from ROTH IRA)
- Indicate the Form 1099-R is for the next year when asked
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