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Peasquare
New Member

Roth Excess Contribution

On April 10, 2025 I made an $8000 roth contribution for tax year 2024. It turns out I was not allowed to make the contribution as I had no earned income, only interest. I received form 5498 in May of 2025. In November 2025 my financial advisor distributed the funds (as a removal of excess). I have now received my 2025 1099-R for that distribution. Will turbotax calculate the excess and generate form 5329 and calculate the penalty? Do I need to do anything special to make that happen since the contribution was for 2024 and it was not reversed until late 2025?

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