I was self-employed in 2024 but also had some income from prior employer. I contributed 8K to my traditional IRA in 2024 but now discover that I am not eligible to contribute anything (last paycheck included one final contribution to employer plan.) I completed a return of excess form with Fidelity but do not see where I am supposed to document this in my 2024 tax return. How and where do I do this?
To enter a refund of excess IRA contributions received in 2025 for 2024 contributions on your 2024 return, follow these steps:
Thank you for your reply! I found the form that I need to complete per your directions, however since Fidelity have not yet sent me my 1099-R (because I only just did the return of excess for 2024 this week and they said I would receive the 1099-R in Jan 2025), can I still go ahead and fill out the online for in Turbo Tax? Unfortunately, I am not sure what goes in which box since I do not actually have the 1099-R in front of me yet. I returned the entire $8000 and sustained an approximately $200 loss on my 2024 contributions. In this scenario, what boxes would need to be completed on the form?
Follow the instructions that @ThomasM125 sent you above and you'll be fine. They should have returned you $8000 and some change. Put the entire amount in box 1 and only the extra amount (which are the earnings) in box 2a.