How and where do I report a return of excess for my Traditional IRA contributions in 2024 on my 2024 tax return?

[ghilliedhu1]

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?

[ThomasM125]

To enter a refund of excess IRA contributions received in 2025 for 2024 contributions on your 2024 return, follow these steps:

1. Go to the personal income section of TurboTax 
2. Find the Retirement Plans and Social Security menu option in the Wages and Income section of TurboTax
3. Start or Update IRA, 401(k), Pension Plan Withdrawals (1099-R)
4. Choose Add Another 1099-R
5. Choose I'll type it in myself
6. On the screen that says Tell Us Which 1099-R You Have choose I need to prepare a Substitute 1099-R
7. Enter the distribution amount in box 1 of the substitute 1099-R
8. Enter the earnings in box 2(a)
9. Enter code "P" in box 7 (And code "J" if from ROTH IRA)
10. Indicate the Form 1099-R is for the next year when asked

[ghilliedhu1]

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?

[RobertB4444]

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.

@ghilliedhu1