I contributed $7500 to Roth IRA on mid Dec. 2023. Later, I found that those $7500 contributions are excess Roth contribution. So that I withdrew the contribution $7500 and interest $250 as well on April 1st. 2024.
The brokerage company cannot provide Form 1099-R till next year. In this situation, how can I report my withdraw and earning interest on my 2023 Tax return?
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You will get a 2024 Form 1099-R in 2025 with codes P and J for the withdrawal of the excess Roth IRA contribution made in 2023 plus earnings. This 1099-R will have to be included on your 2023 tax return and you have two options:
To create a Form 1099-R in your 2023 return please follow the steps below:
Please be aware, code P will say in the drop-down menu "Return of contribution taxable in 2022" but you can ignore that since the follow-up question will tell TurboTax that it will be taxable in 2023.
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