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!
You'll need to sign in or create an account to connect with an expert.
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!
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!
Would I report this under Interest Income?
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
Here are steps on how to create dummy 1099-R if you like.
To create a Form 1099-R in your 2023 return please follow the steps below:
Once this is done, You will see amount on line 4a - total distribution and line 4b - earning on form 1040.
I hope this information was helpful!
**Please cheer or say thanks by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Alex3
Level 2
fastlapp
Level 2
john989
Level 2
jbehr33
New Member
Martinmayer
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.