I recently performed a return of excess contribution from my Traditional IRA for 2024. Since this contribution received earnings, I'd like to report this as a 1099-R for my 2024 return (rather than waiting until next January to amend it). Which code should I use in box 7? Anything else I should know about how to enter this…
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…
So, I made 7,000 contribution to my roth ira in 2024. In January 2025, I realized, I was above the income limit. I contacted my broker and they did a return of excess in January 2025. I did make a profit of approximately 1000 dollars. How do I report this in freetaxusa? I wont receive my 1099-R until next January. Please…
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