Please make sure you indicate in the IRA contribution interview that you withdrew the excess contribution by the due date:
- Click on "Search" on the top right and type “IRA contributions”
- Click on “Jump to IRA contributions"
- Select “Roth IRA”
- Enter the Roth IRA contribution
- Continue until the penalty screen and enter the excess contribution amount withdrawn
The earnings withdrawn with the excess contribution will be taxable in the year the excess contribution was made. You can wait until you get the 2025 Form 1099-R in 2026 to report the earnings.
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