Reporting excess Roth contribution earnings

4 replies
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I removed excess Roth contributions prior to filing my extension this year. I will not get the 1099R from Vanguard until 2025. Can I just wait and file an amended return next year or is there a way to declare this on my 2023 taxes? Someone mentioned creating a dummy 1099-R, but I am a little nervous about the information not matching next year's 1099. Thanks!

dev145Answer

Level 6

Hello shelleyfl59,

If you are comfortable and know the excess and earning amounts, you can report by creating 1099-R. You can also report earning as other reportable income without going thru 1099-R only if you know the earning amount. If you are not sure, you can always wait and file amended return when you receive 1099-R next year.

Thanks for participating in TurboTax's Ask the Expert event today. I hope this information was helpful!

dev145

Answer

Level 6

Hello shelleyfl59,

Thanks for participating in TurboTax's Ask the Expert event today. I hope this information was helpful!

shelleyfl59Author

Level 2

Would I report this under Interest Income?

dev145

Level 6

No, you will report this under Other Income. You will find other income section under Wages and Income -> Less Common Income -> Miscellaneous Income. You might have to click on "show all topics" to find other income section.

Regards,
TurboTax Expert