Hello:
Some background:
1. I made an excess after-tax contribution of $20647 in Dec 2021. This amount was rolled-over to a Roth immediately.
2. The excess was removed in July (before the October 15th 2021 deadline) and $16442.20 (minus loss of $4204.80) was returned to me. So did not amend the 2021 return since I removed the exces by October 15th 2021.
3. I received a 1099-R from the custodian with $16442.20 (there was a loss) in Box 1 and codes PJ in Box 7 and the rest all empty/unchecked.
My questions:
5. Now I need to generate a 1099-R for the excess conribution as the administrator. Do I enter P or 8 in Box 7?
6. Should be entering in Box 1. Is it $20647 or $16442? Also, do I need to check or fill any other boxes on the 1099?
7. Anything else I need to be doing on my 2022 tax return?
Hope dmertz or Champ stops by to respond....Thanks.
