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Returning Member
posted Mar 4, 2024 4:16:32 PM

Roth IRA Excess Contribution 2023 but no 1099-R form yet

Hi! I've done a bit of research on this topic but haven't been able to find an exact answer to my question. I contributed the max ($6500) to my Roth IRA in early 2023 and didn't realize until I got my W2 for 2023 that my income was too high to be able to contribute. I already removed the excess contribution in Feb 2024. I did have a bit of a gain on my 2023 contribution that was taken out as well. I know I won't get my 1099-R form until 2025 but was reading through the options presented to others and decided to try and report it now to avoid having to amend my tax return in the future. I followed the steps to create my own Form 1099-R as given in previous answers however the part I'm getting stuck on is that it asks me if I need to file a substitute 1099-R form. Is that the case since I don't physically have the form in front of me? When I click this box it wants me to explain in detail different things so was hoping to avoid all that if possible but also wanted to be accurate when filing. Thanks in advance for the help! 

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4 Replies
Level 15
Mar 4, 2024 11:05:27 PM

  1. Open your return
  2. Click on the "Search" on the top and type “1099-R”
  3. Click on “Jump to 1099-R”
  4. Select "I'll type it in myself"
  5. Box 1 enter total distribution (contribution plus earning)
  6. Box 2 enter the earnings
  7. Box 7 enter P and J 
  8. On the "Which year on Form 1099-R" screen say that this is a 2024 1099-R

Returning Member
Mar 5, 2024 3:11:54 AM

I did all of these steps but after step 8 it asks me if this is a substitute form. Do I click yes since I don’t have the physical form in front of me?

Returning Member
Mar 5, 2024 3:12:52 AM

Expert Alumni
Mar 5, 2024 4:50:32 AM

No, do not select that it is a substitute Form 1099-R.

 

Also, please make sure you click "Continue" after all 1099-R are entered. 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". This question is important to get the exception for the 10% early withdrawal penalty.

 

@sktsiu