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posted Feb 18, 2026 3:07:40 PM

Form 1099-R missing code P

In early 2025, I withdrew my 2024 excess contribution from my Schwab Roth IRA. However, I didn't file Schwab's excess contribution form when I did it, so my 1099-R is missing the P code to signify that I was correcting an excess distribution. How can I let the IRS know that my contribution should have a P code but doesn't?

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1 Replies
Employee Tax Expert
Feb 18, 2026 3:17:47 PM

If you need to amend your 2024 return to add the income, you can create a substitute 1099-R and use the correct codes, JP. Be sure to select Substitute 1099-R and enter the explanation for why you are using a substitute.

 

You are creating a paper trail. Your 2025 return will show the distribution again and you should indicate it is a return of contribution reported in a prior year.