Hi, I have a question about how to correctly report a Roth IRA excess contribution and the related 1099-R. For tax year 2024, my earned income was $1,476, but I contributed $7,000 to a Roth IRA. After realizing the excess, I removed the excess contribution ($5,600) plus earnings ($931) on 02/27/2025 (before the tax filing…
Do I need to report an excess roth ira contribution if the excess was returned (aka reversed) before the filing deadline? I don’t have earned income and don’t need to file a return. The excess along with the earnings was removed and 2a on the 1099-R says “0.00” for taxable amount. Would the 1099-R produced by the brokerage…
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