Roth IRA Overcontribution. Where to enter the gain?

[Sausalito789]

I over contributed to a Roth. I noticed quickly enough but by the time it was backed out it had an earnings of 73 USD. It was in the Roth for about 3 weeks and did not cross tax years.

Where does this amount go on the 2024 tax return?

Thanks

[dmertz · Accepted solution]

Assuming that this was a contribution for 2024 made in 2024 and returned in 2024, you'll receive a Form 1099-R  with codes J and 8 in box 7 that must be entered into TurboTax.  On the Form 1099-R the $73 will be present in box 2a and will be included in box 1 along with the amount of the contribution that was returned.  TurboTax will include the $73 on Form 1040 line 4b as taxable.

[KeshaH]

The earnings on the excess contribution should be reported on your return as a taxable distribution from your Roth IRA. You should receive a Form 1099-R with the earnings showing as the taxable amount and a code 8 in box 7.

[Sausalito789]

Thanks much appreciated. Yes it was all 2024 and was in for a matter of 3 weeks before being backed out.

[Sausalito789]

Thanks much appreciated.

[Sausalito789]

Thanks much appreciated. Yes it was all 2024.