turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Attend our Ask the Experts event about Tax Law Changes & Forms (2024) on Mar 19! >> RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

I contributed to ROTH IRA for 2024 tax yr in Jan 25. But, I'm not eligible for ROTH IRA. I withdrew money and close accnt. Gain I had was $7. no 1099R form. What to do?

Amount deposited to ROTH IRA ~315. Withdrawn amount ~323. Bought a share and sold it where it had $7 gain. Broker company says 1099-R will be available next year only. What should I do?
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
DanaB27
Employee Tax Expert

I contributed to ROTH IRA for 2024 tax yr in Jan 25. But, I'm not eligible for ROTH IRA. I withdrew money and close accnt. Gain I had was $7. no 1099R form. What to do?

The earnings are taxable in the year the contribution was made. You can check with your financial institution but since you made the contribution in 2025 for 2024 they most likely will issue you a 2025 Form 1099-R with code 8 and J in 2026. This will be entered next year on your 2025 return. 

 

If you entered a Roth IRA contribution on your 2024 return then please make sure you enter that you withdrew the excess contribution in the IRA contribution interview:

 

  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 Continue until the penalty screen and enter the excess contribution amount withdrawn.

 

 

Note, if the financial institution issues you a 2025 Form 1099-R with code P and J instead then you will have to include it on your 2024 return. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question