How to file Roth IRA ROE?

AB
AB Member Posts: 1 Newcomer
in Filing my taxes

So this might be a mess to explain, but I need some help figuring out what to file in regard to Roth IRA contributions. I maxed out my 2024 Roth IRA contributions, but then had a misunderstanding and thought I had overcontributed, so I filed a withdrawal of excess contributions and removed $1000 from the account. Turns out it wasn't an excess at all, so I basically just withdrew $1000 for no reason. I decided to put it back in order to max out my contribution limit again. (The withdrawal and subsequent recontribution both happened in late March/early April of 2025). My bank said I won't get a 1099-R until January 2026, but they gave me a document as a sort of "letter of explanation" to use somehow for this year's return. My question now is, what documents do I need to file to show that I removed "excess" contributions and then put them back? Do I need anything for 2024 or do I report this in 2025? Does this still count as removal of excess even though it was never actually an excess? Please help I'm very confused and have so many questions :(

Answers

  • WrenD
    WrenD FreeTaxUSA Agent Posts: 36

    Hello AB,

    We would need to know a little more information regarding this, such as what year the $1000 was applied to when put back in April 2025, and what code would be used on the 1099-R issued next year. More information about the letter of explanation from your bank would also help. Since we do not want you to divulge too much personal information here on this public forum, we would ask that you contact Customer Support from within your account. This will allow one of our agents to ask the necessary follow up questions to properly answer your question regarding this.

Categories