Excess Roth IRA Contributions

manav2312
manav2312 Member Posts: 1 Newcomer
in Filing my taxes

Hi,

I have contributed 7000$ in 2024 towards year 2024 to Roth IRA. In January 2025 I have contributed another 7000 towards year 2025. Now I got to know that I can not contribute to Roth IRA due to Income limits, so I removed all 14000$ as excess contribution in March 2025. Now I will receive form 1099-R in 2026 so how should I report this to IRS for year 2024?

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Answers

  • MatthewD
    MatthewD FreeTaxUSA Team Posts: 503

    Hello manav2312,

    When you report the contribution on the "IRA contribution" section, you can state you are withdrawing the contribution and not get penalized. However, to report the withdrawal from a 1099-R, you will need to wait until 2026 for the 1099-R and report it on 2025 and amend 2024 as needed.

    Here is an article which may help.

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

    You may also contact Customer Support for additional help

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