Reporting excess Roth IRA contribution

[amhm8990]

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 

[fanfare]

based on recent posts, this should work for you. reply back if you see issues.

return of excess contribution:

before tax filing date including extension: positive earnings allocable to the excess are taxable on the Line 4b for the year of the contribution.

Negative earnings are ignored; in which case, for purposes of basis, consider the original requested amount as returned.

@amhm8990 

[amhm8990]

Thank you. 

I have follow up question - how do I generate line 4b on TurboTax system? 

[fanfare]

that's all handled by the tax software as you enter the 1099-R.

Did you get back more than you deposited, or less?

If less, 4b will be zero

@amhm8990