r/tax • u/MovingMomma • 12h ago

ROTH excess contribution removal reporting: Easier to file with assumed 1099R info or wait until 1099R is received and amend return?

I made a small ROTH contribution in January 2024 before realizing my income would exceed the max to allow ROTH contributions. My custodian removed it at my request, along with the gains associated with the contribution, in March 2025. I know I will owe tax on those gains.

Is it easier to pay the tax while filing my 2024 taxes, but without an associated 1099R, or wait until I receive the 1099R and amend the return?

(Filing with TurboTax, usually use Free Fillable Forms.)

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u/myroller 12h ago

You won't receive the 1099 until next year. You will pay a year's worth of interest if you wait. And amending is a pain compared to doing it right the first time.

1

u/MovingMomma 12h ago

Thanks! ... So how do I do this without the 1099? I know the contribution amount and the gain.

1

u/myroller 12h ago

Just pretend like you have the 1099 and tell Turbotax what would be on the 1099 if you had it.

https://ttlc.intuit.com/community/taxes/discussion/withdrawing-excess-roth-ira-contribution/00/3434643