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jsteck
New Member

I removed excess Roth IRA from Vanguard for tax year 2023. Do I report the earnings next year if Vanguard will not be sending me a 1099-R for 2023?

Because Vanguard has already issued 2023 1099-R, I've been told they will not issue one to complete 2023 taxes. Do I report the earnings portion ($202.11) on 2024's return once Vanguard sends me the 1099-R?
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2 Replies
MinhT1
Expert Alumni

I removed excess Roth IRA from Vanguard for tax year 2023. Do I report the earnings next year if Vanguard will not be sending me a 1099-R for 2023?

If you withdrew your 2023 excess contribution to your Roth IRA before the due date of the 2023 tax return (April 15, 2024), make sure that you also withdraw the related earnings.

 

On your 2023 tax return, you don't report the excess contribution as it's been withdrawn. The earnings have to be reported and taxed in 2023. 

 

If there is a loss, that loss isn't deductible.

 

When you receive the 2024 form 1099-R with code PJ in box 7 (in 2025) for this withdrawal, there's no further action needed.

 

@jsteck

 

[Edited 02/28/24 | 11:09AM PST]

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I removed excess Roth IRA from Vanguard for tax year 2023. Do I report the earnings next year if Vanguard will not be sending me a 1099-R for 2023?

a 2024 1099-R will trigger a notice from TurboTax that you have to amend your 2023 tax return.

That's why you want to report the positive earnings now on your original 2023 tax return.

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