I made an excess Roth IRA contribution withdrawal for 2024 tax year of $1138. The custodian calculated a $75.10 loss. I’m confused what should be entered in TurboTax 2024. Do I create a Form 1099-R for the full excess amount ($1138) or for the net amount ($1062.90)? I’m unclear how the loss is entered in TurboTax 2024. Thank you!
You should create a 2025 form 1099-R with the full excess amount in box 1 and code PJ in in box 7.
The loss is not deductible and is not entered on your tax return.
When you receive the 2025 form 1099-R with code PJ in box 7 (in 2026) for this withdrawal, there is no further action needed.
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.
©1997-2022 Intuit, Inc. All rights reserved.
Intuit,
QuickBooks, QB, TurboTax, ProConnect, and Mint are registered
trademarks
of Intuit Inc. Terms and conditions, features, support, pricing,
and service options
subject to change without notice.
Security
Certification of the TurboTax Online application has been
performed by
C-Level Security.
By accessing and using this page you
agree to the
Terms of Use.
Accessibility
