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Retirement tax questions
When you have an excess contribution left in the Roth account at the end of 2024 then next year on your 2025 tax return, if you are able to make Roth IRA contributions, then you can apply them as a 2025 contribution. If you do not have any excess left because you removed it then you don't need to fill out anything on your 2025 tax return.
Usually financial institutions have forms to fill out for the return of excess contribution plus earnings. Your custodian used the code P on Form 1099-R for return of excess contributions which means "Excess contributions plus earnings", he should have know to remove the earnings along with the excess.
I would start with contacting UBS compliance department.
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‎April 15, 2025
12:09 PM