In Feb 2025, I made a direct contribution of 7K to my Roth IRA for year 2024. And later on Apr 12nd, I realized that my income was higher than the contribution limit so I called Fidelity to do a return of excess - at the time I had about $30 earnings so a total of $7030 was taken out from my Roth IRA.
I filed 2024 extension.
I did some research and found my situation be the same as https://ttlc.intuit.com/community/taxes/discussion/withdrawing-excess-roth-ira-contribution/00/34346..., and https://ttlc.intuit.com/community/taxes/discussion/re-how-where-to-report-excess-contribution-earnin..., except that my contribution to my Roth IRA is in 2025 for 2024 (i.e., not the same year).
But my understanding is that the solutions in the above questions are still applicable to me: I can still report a 1099-R with code P,J where earning of $30 goes to the taxable amount while the gross distribution is the total $7020, and for the question "Which year on Form 1099-R", I enter 2024. This way I can avoid amending 2024 tax in 2026.
My questions:
1. Is this the right way to report the return of excess?
2. Do I expect form 8606 to be created by TurboTax? I checked and it's not generated. But I thought distribution from Roth IRA should trigger 8606 to be generated?
Thank you!
