I changed jobs last year. I over contributed to my Roth employer plan since I contribute to both employer plans. I have removed the excess amount. How to fix in TurboTax

Forum|Forum|2 years ago
March 23, 2024
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I removed the excess amount of contribution including the estimated gains. This is for 2023. How do I fix this in TurboTax

TurboTax Online

Best answer by nqju165451

Thank you so much. The overage was $515. Vanguard was contacted and they took out $562. I assume $53 was the gain? So I will get taxed on that amount in January of 2025 with the 1099R? Forgive me if I'm being redundant since I'm pretty naive on these things but I'm learning.

dmertz

Employee

Assuming that the corrective distribution was made in 2024, there is nothing to report about it on your 2023 tax return. Contributions to the designated Roth account were not excluded from the amount in box 1 of your W-2 , so there is no income to be added back as there would be if the distribution was instead to correct an elective deferral to the traditional account . The taxable gains distributed in 2024 will be taxable on your 2024 tax return by entering the 2024 Form 1099-R that you will receive near the end of January 2025.