DanaB27
Expert Alumni

Get your taxes done using TurboTax

Yes, if you had a loss with the return of excess contribution then box 2a on your 2022 Form 1099-R with code PJ should be $0. Therefore, it isn’t taxable since only the earnings are taxable in 2021.

 

Yes, you correctly reported it in 2021. But since you had taxes withheld you will have to enter this Form 1099-R on your 2022 tax return as well to apply the taxes to 2022. Code P will tell TurboTax to ignore the distribution and only apply the taxes withheld to your 2022 tax return.

 

@fluxquantum94

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