In November 2024 I made a $8,000 contribution to my Roth IRA (I am over 59 1/2). However, I am retired and I have no earned income for 2024 so the entire contribution was in excess of what is allowed. I realized this mistake in January 2025 and I worked with Fidelity to have the $8,000 contribution to the Roth removed. Fidelity calculated earnings of $425.27 on that contribution. Also, 15% Federal w/h was applied so the final amount I recieved was $8,361.48 (I'm in Texas so there was no state w/h).
I'm trying to determine the simplest and cleanest way to handle this situation on my 2024 return through TurboTax. If I understand things correctlly, I won't receive a 1099-R for this until January 2026 for the 2025 tax year, but I can create my own 2024 1099-R to address the excess contribution and the earnings and then ignore the 2024 1099-R when it is issued? Does the Fed w/h that was done complicate things? I'd like to avoid having to do an amended 2024 return if possible. (if it matters, I'm using the web-based TT program).
