topic Re: Roth IRA excesses contribution in Retirement tax questions

Roth IRA excesses contribution

A96651 — Wed, 11 Feb 2026 10:47:57 GMT

I contributed $6500 on Oct 6th,2023, then realized there is income limit, I withdrew $6500 on Oct 8th, 2023 without calling the vauguard .

i got 1099R with code J, Form 5498 stating 2023 contribution $6500.

1099R didn’t mention anything about the excess of Roth IRA.

Now my question is

1 do I report the form 5498 of my contribution?

2. Expert suggest me to report 1099R and then put basis of Roth IRA as $6500 is this correct?.

how do I do my tax return? I didn’t contribute but I have 5498.

thank you

Anonymous_ — Fri, 20 Dec 2024 04:32:26 GMT

fanfare — Fri, 11 Oct 2024 07:00:09 GMT

You left Vanguard out of the loop which is the incorrect procedure.

Vanguard is supposed to calculate and report any earnings on that contribution
and return the contribution plus earnings to you.

fanfare — Fri, 11 Oct 2024 15:52:33 GMT

Contact Vanguard to try to get the earnings calculated and withdrawn.

If you had a loss you would have gotten less than your original contribution back.