Excess Roth IRA Contribuion Withdrawal for 2024 tax year

[NMuschellTT]

I made an excess Roth IRA contribution withdrawal for 2024 tax year of $1138. The custodian calculated a $75.10 loss. I’m confused what should be entered in TurboTax 2024. Do I create a Form 1099-R for the full excess amount ($1138) or for the net amount ($1062.90)?  I’m unclear how the loss is entered in TurboTax 2024.  Thank you!

[MinhT1 · Accepted solution]

You should create a 2025 form 1099-R with the full excess amount in box 1 and code PJ in in box 7.

The loss is not deductible and is not entered on your tax return.

When you receive the 2025 form 1099-R with code PJ in box 7 (in 2026) for this withdrawal, there is no further action needed.