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Level 1
posted Feb 19, 2025 10:19:56 AM

Reporting 1099-R (form I will receive in 2025) but filing in 2024 in order to not amend previously filed return.

I made $7000 Roth IRA contributions for myself and my wife in January 2024 for year 2024. While I am doing taxes for year 2024 (due April 2025), I realize I overcontributed $5800 for each one of us.   I plan to

recharacterize

 $5800 for each one of our contributions to a

non-deductible traditional IRA

before the deadline date of April 2025. My question is:

1) Will I get

one or two 1099-R?

I mean would it count as a distribution even though I recharacterize?

2) I am expected a 1099-R with code R in box 7. Do I file the 1099-R with code R, which I will get next year (Jan-Feb 2025) THIS YEAR with my 2024 tax filing? And if so do I report $5800 plus earnings as recharacterize with a note or only the $5800

and not the earnings?

There is no clear information on how to report when you haven't got the 1099-R.

3) If I report 1099-R that I will be receiving next year 2025 with my 2024 tax return, do I do anything with the 1099-R next year (2025 tax filing)?

4) Who maintains the form 8606 that tracks the basis for IRA contributions as the contributions are already taxed? Does my trustee maintains that or turbotax or I do?

 

Thanks for your time and input.

0 4 6772
1 Best answer
Expert Alumni
Feb 19, 2025 10:32:46 AM

1.  You will receive one 1099-R for this distribution for each of you.

2.  The 1099-R that you receive in 2025 should show the total amount withdrawn which would include earnings.  You should enter that amount.  You should report it on your 2024 return as though you had received a 1099-R.

3. Since it will be on your 2024 return you don't need to do anything with the 1099-R that you receive next year unless it has income tax withheld (it shouldn't.)

4.  You need to maintain your own tax records.  TurboTax will also save the information but you should have them for yourself.

 

@hshah2026 

4 Replies
Expert Alumni
Feb 19, 2025 10:32:46 AM

1.  You will receive one 1099-R for this distribution for each of you.

2.  The 1099-R that you receive in 2025 should show the total amount withdrawn which would include earnings.  You should enter that amount.  You should report it on your 2024 return as though you had received a 1099-R.

3. Since it will be on your 2024 return you don't need to do anything with the 1099-R that you receive next year unless it has income tax withheld (it shouldn't.)

4.  You need to maintain your own tax records.  TurboTax will also save the information but you should have them for yourself.

 

@hshah2026 

Level 1
Feb 19, 2025 11:18:54 AM

Thanks for your prompt response.

Level 1
Feb 19, 2025 12:44:47 PM

Since I have not ran into this situation where I do not have the 1099-R for year 2025 and I have to report it in 2024 tax return, would you please run step by step on how I should report on TT? This is again for recharacterization for the question above?

Much appreciate your help.

Expert Alumni
Feb 19, 2025 5:48:28 PM

  • You would enter the 1099-R with the total distribution in box 1 (the contribution plus the earnings),
  • The earnings in box 2a,
  • Enter code "P" in box 7 (Top) - don t worry that it will say "taxable in 2023"
  • Enter code "J" in box 7 (Bottom).
  • On the "Which year" screen say that this is a 2024 1099-R.

 

In the follow-up questions you can indicate that you recharacterized the distribution, but you'll pay tax on the earnings in 2024.

 

Here's more info on Excess Roth IRA Contributions . 

 

@hshah2026