Excess IRA Contribution 2024

Em119

Hi,

I recently discovered I contributed too much to my Roth IRA and have fixed the issue but I'm confused still how to report this on my taxes.

I had contributed the maximum ($7k) and have withdrawn this amount. I understand I have to pay any taxes on any earnings for this and for ease of this question, let's call those earnings $200.

When filing where do I put this excess $200? When I put YES that I made Excess contributions do I put $7,200 or do I put $7,000 and declare that $200 elsewhere?

Appreciate any and all help here!

MatthewD

Hello,

When you report the contribution on the IRA Contribution page and continue, the software calculates the excess and alerts you. Then the software asks you if you will withdraw the contribution by April 15, 2025. When you do that, your retirement administrator will issue you a 2025 1099-R next year in 2026.

Then you report that 1099-R on your 2025 return and you may need to amend 2024.

Here are two excellent discussions with additional answers.

https://community.freetaxusa.com/discussion/1853/excess-ira-contribution

https://community.freetaxusa.com/discussion/2005/excess-roth-ira-contributions-2024