5. and 6. Yes, generally your 2022 Form 1099-R with codes P and J will have to be entered on your 2021 tax return as shown on the form if you didn't create the Form 1099-R when you filed the 2021 tax return. But since you had a loss it won't change your return if you amend it. Only earnings from the excess contributions are taxable on your 2021 tax return. Therefore, you don't need to amend your return.
If you were the plan administrator you should have filed a 2021 Form 1099-R for the rollover that happened in 2021. Box 1 would be the amount that was rollover over.
7. No, you don't need to do anything on your 2022 tax return unless your Form 1099-R shows tax withholding then you will need to enter it on your 2022 tax return as well to get the taxes applied to your 2022 tax return. The code P will tell TurboTax to ignore the distribution but it will apply the withheld taxes to your 2022 tax return.
To verify, this excess contribution of $20,647 in Dec 2021 was a direct contribution to the traditional IRA and then you converted it? Or did the amount come originally from another retirement account (rollover)? If it came from another retirement account then it should not have been entered in the IRA contribution section (assuming the rollover happened within 60 days after distribution).
[Edited 3/8/2023 | 1:57pm PST]
@zz181
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
