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March 5, 2024
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How do I include the Roth IRA excess distribution gain on my 2023 taxes ? It was timely but Fidelity will only send me the gain letter. The 1099-R won't come until 2025.

  • March 5, 2024
  • 1 reply
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Fidelity will only issue the earnings gain/loss in a letter to use for my 2023 taxes. In 2025, I'll get the official 1099-R. I have to include the gain/loss in my 2023 taxes to avoid any penalty. How do I include this in my Turbo Tax 2023 filing ? Any guidance would be appreciated. Thank you
Best answer by MinhT1

The correct way to deal with the 2023 excess contribution is to follow the instructions in this good answer by Tax Expert DanaB27.

 

@dmacjr15

@NY2NC95

 

I have edited my answer.

 

[Edited 3/24/24 | 9:34 AM PST]

1 reply

MinhT1Answer
March 5, 2024

The correct way to deal with the 2023 excess contribution is to follow the instructions in this good answer by Tax Expert DanaB27.

 

@dmacjr15

@NY2NC95

 

I have edited my answer.

 

[Edited 3/24/24 | 9:34 AM PST]

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dmacjr15Author
March 5, 2024

thank you for the quick reply. I will update my 2023 taxes accordingly.