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Roth Excessive Contribution - still reportable?

In 2024 I made an excessive roth contribution due to MAGI. I have created the 1099-R to instruct turbotax that I have removed my excess roth contribution, and filled it out based on directions in other threads.

 

My question is should I still report a 2024  roth contribution or should I remove that manually and just depend on the excess contribution 1099-R to convey what occured?

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1 Reply
AnnetteB6
Employee Tax Expert

Roth Excessive Contribution - still reportable?

Yes, you should report the contribution in TurboTax because you will be given the options onscreen for what you intend to do to correct the excess contribution.  Once you have indicated that you will remove the excess before the due date of your return, there will not be any 6% penalty imposed.  

 

See the following TurboTax help article to learn more:

 

What happens if I made an excess Roth IRA contribution because my modified adjusted gross income is ...

 

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