It seems you have requested a return of excess contribution plus earnings because of your code 8J in box 7. A regular distribution would have code J if it was an early distribution and then the steps mentioned above would be applicable (contributions withdrawn would be tax- and penalty-free).
Since you have a return of excess contributions plus earnings, the earnings will be taxable and subject to the 10% early withdrawal penalty (if you are over 59 1/2 you can enter the exception for the penalty). Only the earnings should be listed in box 2a taxable amount.
If you believe your financial institute gave you the wrong form because you made a regular distribution then I would advise you to contact them.
To enter the Form 1099-R with code 8J:
- Login to your TurboTax Account
- Click on the "Search" on the top right and type “1099-R”
- Click on “Jump to 1099-R”
- Enter your Form 1099-R
- On the "Which year on Form 1099-R" screen say that this is a 2023 Form 1099-R.
- Click "Continue" after all 1099-R are entered and answer all the questions.
- Continue until "Did you use your IRA to pay for any of these expenses?" screen and enter the amount of earnings under "Another reason" if you are over 59 1/2 (if you are under 59 1/2 click "Continue")
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