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Question

I had excess IRA contribution of $6000 and it made $248.95 profit. Do I enter $6248.95 as my total 2024 IRA contributions? Thank you

Forum|Forum|1 year ago
February 11, 2025
1 reply
0 views

I had excess IRA contribution of $6000 and it made $248.95 profit. Do I enter $6248.95 as my total 2024 IRA contributions? Thank you

Employee

You contributed $6,000, not $6,248.95.

If you obtained a return of of this entire contribution before the due date of your tax return, you obtained a return of $6,000, not $6,248.95. $6,248.95 would be the gain-adjusted amount distributed, not the amount of contribution returned.

mikeoneil100Author

Hi, Yes - $6248.95 is the gain-adjusted amount distributed. Problem is how do I enter the income earned - $248.95 on turbo tax as income without a 1099-R? 1099-R will not come until 2026 tax time. Turbo Tax has no way of entering it easily. I can make my own 1099-R so it gets entered and mail in the returns with an explanation. I wanted to electronic file but my have to settle on electronic filing. Thoughts?

mikeoneil100Author

*not electronic filing but mail file.