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I pulled out my contribution from my Roth IRA, what is the exemption I use to not pay taxes on it

 
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DawnC
Employee Tax Expert

I pulled out my contribution from my Roth IRA, what is the exemption I use to not pay taxes on it

Did you overcontribute and remove the excess in 2024?  You should have a 1099-R that you should enter in TurboTax; you don't need an exemption.  Make sure to answer the follow-up questions after you enter the form.    Where do I enter a 1099-R?

 

Or did you overcontribute in 2024, but removed the excess in 2025?   If so, to avoid the penalty before your tax filing deadline:

 

  • Withdraw the excess contribution plus earnings:
    • The earnings are included in your taxable income for the year the excess contribution was made.
    • You’ll still receive a 2025 1099-R to report these earnings on your tax return.

To enter the 2025 Form 1099-R for your 2024 return now (so you can ignore the message to amend your 2024 return next year), please follow the steps below:

 

  1. Login to your TurboTax Account 
  2. Click on the "Search" on the top right and type “1099-R” 
  3. Click on “Jump to 1099-R
  4. Answer "Yes" to "Did you get a 1099-R in 2024?"
  5. Select "I'll type it in myself"
  6. Box 1 enter total distribution (contribution plus earning)
  7. Box 2a enter the earnings
  8. Box 7 enter J and P (tells TurboTax it is for the prior year)
  9. Click "Continue"
  10. On the "Which year on Form 1099-R" screen say that this is a 2025 Form 1099-R.
  11. Click "Continue" after all 1099-R are entered and answer all the questions.
  12. Continue until "Did you use your IRA to pay for any of these expenses?" screen and enter the amount of earnings under "Corrective distributions made before the due date of the return".
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