I created a Roth IRA in Dec, 2023, I placed the funds in a CD, I realized that I was not eligible to have a Roth due to age and work status and removed and closed the account after the CD matured in March 2024. I have not yet received a 1099-R and cannot complete the box information. I do not know if I should file the excess on the 2024 tax return, as my tax person is confused by the whole thing, or should I wait until May 2025 when I receive the 1099-R and file an ammended return?
To clarify, you moved the funds to a regular bank account out of the Roth IRA in March 2024? Then you should have gotten a 2024 Form 1099-R for the distribution. If you requested the withdrawal of excess contribution plus earnings then your 2024 Form 1099-R should have codes P and J. The earnings are taxable in the year you made the contribution. Therefore, this will have to be reported on your 2023 return. Please see How do I amend my federal tax return for a prior year? Please check with your financial institute where you can find the 2024 Form 1099-R.
Or do you mean it was closed in March 2025? If this is the case then you will have to pay the 6% penalty on your 2023 and 2024 return for the excess contribution. Since this was after the due date you were required make a regular distribution and you only had to withdraw the excess without earnings. You will receive a 2025 Form 1099-R with code J (if you are under 59 1/1). If you are over 59 1/2 the code will be T or Q. You will enter this Form 1099-R next year on your 2025 return and it will resolve the excess contribution.
On your 2024 return to pay the 6% penalty: