Question
Reporting excess Roth IRA contribution
For tax year 2023 I contributed after-tax dollars to a Roth IRA and later found out that I was not eligible to make this contribution. I reached out to the brokerage company in 2024 and withdrew the contributions along with earnings. They informed me I would receive a 1099-R in 2025 but I should report the earnings as income and fill out form 5329 for my 2023 return.
How do I create a 1099-R in my 2023 return?
1. Should I enter P and J under Box 7 and indicate "which year on Form 1099-R?" as 2024?
2. Box 1 and Box 2 as total distribution and earnings
3. Could I leave rest of the boxes blank?
4. Do I leave "IRA/SIMPLE/SEP box is checked" blank?
Thank you
