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New Member
posted Mar 24, 2025 3:03:06 PM

How to report earnings on excess Roth IRA contribution on timely withdrawal

Hi, I'm below the age of 59 1/2 and realized I overcontributed my Roth IRA done in 2024 while performing 2024 tax return. I have went ahead to withdrawal the excess contribution plus earnings from the 2024 contribution from Fidelity this month (in 2025). 

 

1. However, since I won't get 1099-R form until 2026 because the withdrawal was made in 2025- how can I correctly report the earnings amount from the 2024 contribution in the 2024 tax return?

 

2. Additionally, will I still indicate I have made the Roth IRA contribution in my 2024 tax return even though I've already withdrew all the contributions out already?

0 3 1409
3 Replies
Expert Alumni
Mar 24, 2025 3:15:21 PM

Yes, here is how to report;

 

  1. Open your return
  2. Click on the "Search" on the top and type “1099-R”
  3. Click on “Jump to 1099-R”
  4. Select "I'll type it in myself"
  5. Box 1 enter total distribution (contribution plus earning)
  6. Box 2 enter the earnings
  7. Box 7 enter P and J 
  8. On the "Which year on Form 1099-R" screen say that this is a 2025 1099-R.

New Member
Mar 24, 2025 3:29:59 PM

What would I do with the 2025 1099-R received at beginning of 2026 for the 2024 excess contribution on the 2025 tax return?

Expert Alumni
Mar 24, 2025 4:05:25 PM

You may report it, but it won't be taxable income on your return.