2024 Roth IRA

2024:

When you enter the 1099-R, TurboTax will ask if it was a "Return of Contribution." Once you confirm it was an excess contribution removed by the deadline, it should result in $0 tax impact.

No need to amend 2024 since you had a loss, there is no taxable income.

2025: 

Another loss would mean nothing to report this year.

Since your AGI is high, you could consider doing a backdoor ROTH.

1. Recharacterize the contribution to a Traditional IRA, giving you a basis and filing form 8606.
2. Convert the traditional back to a ROTH. There is no income limit on a conversion.

If you had earnings to withdraw in 2025:

You can report the withdrawal now so you don't have to amend your taxes later.

1. In the "Deductions & Credits" section, enter that you contributed $8,000 to a Roth IRA for 2025.
2. TurboTax will calculate that you are over the limit. When it asks, "Did you withdraw the excess?" say Yes.
3.  Look for the amount of earnings withdrawn. Enter the specific profit amount provided by your financial advisor.
4. Go to the Income section and manually enter a 1099-R.
5. Enter the information from your brokerage for TN/ EIN, name, address, etc.
6. Box 1 (Gross Distribution): Total amount (Contribution + Earnings).
7. Box 2a (Taxable Amount): Just the Earnings.
8. Box 7 (Codes): Use Code P (for return of excess) and Code J (for Roth).
9. TurboTax will then ask which year this form is for; select 2026.