Reporting excess Roth contribution earnings

Forum|Forum|1 year ago
September 25, 2024
1 reply
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I removed excess Roth contributions prior to filing my extension this year. I will not get the 1099R from Vanguard until 2025. Can I just wait and file an amended return next year or is there a way to declare this on my 2023 taxes? Someone mentioned creating a dummy 1099-R, but I am a little nervous about the information not matching next year's 1099. Thanks!

Best answer by dev145

Hello shelleyfl59,

If you are comfortable and know the excess and earning amounts, you can report by creating 1099-R. You can also report earning as other reportable income without going thru 1099-R only if you know the earning amount. If you are not sure, you can always wait and file amended return when you receive 1099-R next year.

Thanks for participating in TurboTax's Ask the Expert event today. I hope this information was helpful!

dev145Answer

Hello shelleyfl59,

Thanks for participating in TurboTax's Ask the Expert event today. I hope this information was helpful!

shelleyfl59Author

Would I report this under Interest Income?

dev145

No, you will report this under Other Income. You will find other income section under Wages and Income -> Less Common Income -> Miscellaneous Income. You might have to click on "show all topics" to find other income section.

Regards,
TurboTax Expert