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Level 1
posted Apr 14, 2025 5:56:27 PM

2024 Excess Roth IRA contribution

I'm working on my 2024 taxes. I did file an extension. I made an excess Roth IRA contribution in 2025 (for tax year 2024). I withdrew the excess contribution + NIA. My understanding is that I file my 2024 taxes like the excess Roth contribution never happened, and since the excess contribution was made in 2025 (albeit for 2024 tax year) I won't have to deal with it until I file 2025 taxes and by that time I would have received a 1099-R from my brokerage. Is that right? Thank you!

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1 Best answer
Expert Alumni
Apr 15, 2025 12:40:45 PM

You should check with your financial institution but you most likely will get a 2025 Form 1099-R with codes 8 and J since you made the contribution in 2025 for 2024. This will be reported on your 2025 return.

 

Please make sure you you enter in the IRA contribution interview that you withdrew the excess contribution by the due date:

 

  1. Click on "Search" on the top right and type “IRA contributions”
  2. Click on “Jump to IRA contributions"
  3. Select “Roth IRA”
  4. Enter the Roth IRA contribution
  5. Continue until the penalty screen and enter the excess contribution amount withdrawn.

 

1 Replies
Expert Alumni
Apr 15, 2025 12:40:45 PM

You should check with your financial institution but you most likely will get a 2025 Form 1099-R with codes 8 and J since you made the contribution in 2025 for 2024. This will be reported on your 2025 return.

 

Please make sure you you enter in the IRA contribution interview that you withdrew the excess contribution by the due date:

 

  1. Click on "Search" on the top right and type “IRA contributions”
  2. Click on “Jump to IRA contributions"
  3. Select “Roth IRA”
  4. Enter the Roth IRA contribution
  5. Continue until the penalty screen and enter the excess contribution amount withdrawn.