Roth IRA unique situation for tax year 2024

[kiran_nel]

Hello,

I have might be a unique situation with my Roth IRA.

For tax year 2024, i contributed entire 7000$ to my Roth IRA, thinking that my income will be less that the AGI. But while calculating my taxes, looks like i can only contribute 1300$ for year 2024 based on my calculated MAGI. So, as anyone would have done, i withdrew 5700$ excess contributions + earnings in March 25th 2025 (before tax deadline), thereby making the contributions as 1300$ of 7000$ for 2024. However, my earnings were good during my 1st withdrawal and this got added to the income for that year and pushing the MAGI amount even more. Now, i can't even contribute 1300$ to that year as well (unlucky), So i again withdrew that excess 1300$ + earnings. Here's the situation, how can i report this to IRS?

1) Do i submit 2 2025 1099-R before tax deadline (Apr 15 2025)? While i have positive earnings during my 1st withdrawal, but have negative earning during the second one. How can i report this? Do i even have to do submit 2 forms?
2) Do i wait for 2026 and file an amended 2024 return based on whatever my institution sends me?

Thanks in Advance.

[DanaB27]

Yes, you will have to report the withdrawal of excess contributions plus earnings on your 2024 return. But you might want to wait in your situation until you get the 2025 Form 1099-R in 2026 and then amend the 2024 return.

[kiran_nel]

Thanks for the reply,

So should i just go ahead and file my taxes based on the current situation and say i have contributed 7000$ to Roth IRA and withdrew 7000$ before tax deadline.

[DanaB27]

Yes, that is correct.