dmertz
Level 15

Get your taxes done using TurboTax

The Forms 1099-R should show the correct taxable amount of each of these distributions.  If there were no investment gains, the taxable amount should be zero.

 

The return of contribution from the Roth IRA would be reported on a 2023 Form 1099-R with codes J and P that must be reported on your 2022 tax return if there are any attributable gains that must accompany the return of contribution.  SECURE 2.0 has made any attributable taxable gains free of an early-distribution penalty, so if this Form 1099-R shows gains, you'll need to claim on your 2022 Form 5329 a code-12 (Other reason) exception to the early-distribution penalty that would otherwise be applied to the gains.

 

TurboTax can handle these transactions, but if Form 5329 is required you won't be able to used the Free version.