Reporting a 1099-R

[hshah2026]

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) 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.

2) 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)?

3) 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.

[DavidD66]

You will get a 2025 Form 1099-R  in 2026 with codes P and J for the withdrawal of excess contributions and earnings. This 1099-R will have to be included on your 2024 tax return and you have two options:  

• You can wait until you receive the 2025 Form 1099-R in 2026 and amend your 2024 return or
• You can report it now on your 2024 return and you won't have to report the 1099-R when you receive it in 2026 unless there is tax withholding reported in box 4 and/or Box 14.  If tax is withheld you will have to report the Form 1099-R on your 2025 tax return since tax withholding must be reported in the year occurred.  The 2025 code P will not your 2025 tax return's income, but the withholding will be applied to 2025 tax.

To report the 1099-R on your 2024 return, you will have to enter the information as if you had the Form 1099-R that won't arrive until next year.  To do so in TurboTax Online:

1. Login to your TurboTax Account 
2. Click on "Topic Search"
3. Type "1099-R”  in the "I'm looking for" box
4. Answer "Yes" to "Did you get a 1099-R in 2024?" or click on
5. On the "Lets Import your tax info" Click on the box with "Change how I enter my form"  or Add a 1099-R
6. Select "I'll type it in myself"
7. Click on the box with "Financial Institution or other provider (1099-R)" and click on Continue
8. Fill out the information for your financial institution
9. Box 1 enter total distribution (contribution plus earning)
10. Box 2a enter the earnings
11. Box 7 enter J and P
12. Click "Continue"
13. On the "What year is on your [Financial Instituton] 1099-R" screen indicate it is 2025
14. Click "Continue" after all 1099-R are entered and answer all the questions.
15. Continue until "Did you use your IRA to pay for any of these expenses?" screen and enter the amount of earnings under "Corrective distributions made before the due date of the return".

You must maintain your Form 8906.  Your trustee may keep track of contributions you have made, they will not prepare and update Form 8606.  That is your responsibility.  TurboTax will generate and update each year, but you may need to make adjustments. 

[hshah2026]

Thanks for your reply. I thought this situation you mentioned applies when I remove the excess contributions. But I am planning to recharacterize excess contributions and earnings from ROTH IRA to non-deductible traditional IRA. 

So will I be expecting two 1099-R forms or just one 1099-R with code R?

Thank you!

[RobertB4444]

You should just receive the one 1099-R for each of you showing the withdrawal.  As @DavidD66 says you won't need to do anything with those 1099-Rs when you receive them because the numbers will already have been on your 2024 return unless there are taxes withheld.

@hshah2026