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Report Excess IRA removal 2023

I overcontributed to my IRAs. I first did a redistribution of funds (transferring funds from my Traditional IRA to my Roth IRA). Then, I did an excess removal from my Traditional IRA. This was completed in Jan 2024 for the over contribution in 2023. How do I report this on my taxes? I was told I won't be receiving a tax from until 2025 or something 

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2 Replies
DaveF1006
Expert Alumni

Report Excess IRA removal 2023

I would suggest reporting the withdrawal of the excess contribution on your 2023 return in the following manner.

  1. Open (continue) return if you don't already have it open.
  2. Inside TurboTax, search for 1099-R and select the Jump to link in the search results.
  3. Answer Yes on the Your 1099-R screen,
  4. Click on the box that you are creating a substitute 1099-R
  5. Then select Continue.
  6. in order to create a substitute 1099-R, you will need to obtain and name, address, and payer TIN as required so you can record the information properly on the form. You may need to contact the issuer of the 1099R for this information or perhaps you can get information from their website.. 

The codes you will need for box 7 are J and P.  

 

You will receive a 1099-R for the withdrawal in 2024 you do not need to report the information since you have reported it on your 2023 tax return. 

 

Be sure you indicated in the program also that you withdrew the excess contribution before the due date of your return.  This is how the screen will appear in your program to make the entry. This screen appears when you go to federal>deductions and credits>Retirement and Investments>Traditional and IRA Contributions. This screen should appear in that menu path.

 


 

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Report Excess IRA removal 2023

Great! I have received an INT and DIV form from my IRA holder, so would those forms have the necessary information on them?

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