@ayubruin7777 The IRS requires the 1099-R for excess contributions to be created in the year the excess contribution is removed the from your traditional or Roth IRA. Box 7 of the 1099-R will report whether you removed a contribution that was deposited in the current or prior year for timely return of excess requests.
you should not get one in 2024.
For purposes of determining excess contributions, any contribution that is withdrawn on or before the due date (including extensions) for filing your tax return for the year is treated as an amount not contributed. This treatment only applies if any earnings on the contributions are also withdrawn. The earnings are considered earned and received in the year the excess contribution was made."(Pub 590-A)
you will enter the 2023 Form 1099-R on your 2023 return as shown.
You would create a 1099-R for 2023 although not received:
only the Box 2a gains amount is taxable on your 2023 return, since you are withdrawing the excess contribution prior to tax filing due date.
You don't need an entry for Box 3. Codes P and J go in Box 7.
You can reach out to your broker for their Federal ID number.
The 1099-R is not a 'substitute' one.
You will need to indicate 'other reason' for an exception to the Early Withdrawal Penalty if you're under 59.5 and add the Earnings amount. This is under Other Tax Situations > Additional Tax Payments > Extra Tax on Early Retirement Withdrawals.
- Login to your TurboTax Account
- Click on "Search" on the top and type “1099-R”
- Click on “Jump to 1099-R” and enter all your 1099-Rs
- Click "Continue" on the "Review your 1099-R info" screen
- Answer all the questions and make sure you enter the net contributions prior to 2023 on the "Enter Prior Year Roth IRA Contributions" screen
- On the "Do you have any Excess Roth Contributions" answer "Yes"
- On the "Enter Excess Contributions" screen enter the total excess contribution from 2023.
The excess contribution will be resolved in 2023 when you enter the Form 1099-R.
you should not get another 1099R in 2024 as it was paid back timely
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