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You will get a 2024 Form 1099-R in 2025 with codes P and J for the withdrawal of excess Roth IRA contributions and earnings (contributed in 2023 and removed in 2024). 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.
Hi Dana - my IRA is a traditional IRA, not a ROTH as you mention in your response. Does that change anything for me?
If you withdrew a 2023 excess traditional IRA contribution plus earnings in 2024 before the due date, then you will get a 2024 Form 1099-R in 2025 with codes P and 1. This Form 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" you can ignore that since the follow-up question will tell TurboTax that it will be taxable in 2023.
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