how do I add form 5329 if I do not have a 1099-R?

Forum|Forum|1 year ago
March 17, 2025
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I called IRS and was told to use form 5329 to report my ROTH early withdrawal amount because I will not receive the 1099-R until next year. The withdrawal is for 2024 tax year.

Best answer by DanaB27

Code P - Excess contributions plus earnings/excess deferrals taxable in 2023

Is this correct? My tax year is 2024 not 2023. I thought it would be code 8 instead.

Code 8 - Excess contributions plus earnings/excess deferrals (and/or earnings) taxable in 2024

Which is correct?

Please be aware, code P will say in the drop-down menu "Return of contribution taxable in 2023" but you can ignore that since the follow-up question will tell TurboTax that it will be taxable in 2024.

To confirm, you requested the withdrawal of an excess contribution plus earnings?

If yes, then please see these instructions to enter a 2025 Form 1099-R in your 2024 return:

Login to your TurboTax Account
Click on the "Search" on the top right and type “1099-R”
Click on “Jump to 1099-R”
Answer "Yes" to "Did you get a 1099-R in 2024?"
Select "I'll type it in myself"
Box 1 enter total distribution (contribution plus earning)
Box 2a enter the earnings
Box 7 enter J and P
Click "Continue"
On "Is the IRA/SEP/SIMPLE box on this 1099-R checked?" screen answer "No, the box is blank"?
On the "Which year on Form 1099-R" screen say that this is a 2025 Form 1099-R.
Click "Continue" after all 1099-R are entered and answer all the questions.
Continue until "Did you use your IRA to pay for any of these expenses?" screen and enter the amount of earnings under "Corrective distributions made before the due date of the return".

ThomasM125

You need to enter a substitute Form 1099-R to report the distribution applicable to 2024.

To enter a substitute form 1099-R in Turbo Tax Online follow these instructions:

Find the Retirement Plans and Social Security menu option in the Wages and Income section of TurboTax
Start or Update IRA, 401(k), Pension Plan Withdrawals (1099-R)
Choose Add (Another) 1099-R
Choose I'll type it in myself
Choose the source of your 1099-R form
Enter your pension income into the Form 1099-R entry screens
When you come to the screen that says Do any of these situations apply to you? Check the box that says I need to file a substitute 1099-R and follow the instructions

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mlcclrAuthor

Thank you! I am creating the 1099R form. What code do I enter for box 7? I think it will be 8, J, or both. My main concern is that I am only taxed on the earnings, and not the excess contribution.

I withdrew $9437. $7000 was excess contribution for 2024, and $2437 was the earnings.