DanaB27
Expert Alumni

Get your taxes done using TurboTax

Yes, to report the removal of the excess contribution all you need is the Form 1099-R that you received from the custodian for the removal of excess contribution. A 2022 Form 1099-R code PJ will belong on your 2021 tax return. But since you didn't have any earnings on the removal (box 2a should be $0) you do not need to amend your return. All this would do is add an explanation statement.

 

To confirm you made the only after-tax contribution to the 401k (work retirement account) and then this was right away rolled over to the Roth IRA in 2021. This rollover should have been reported on a 2021 Form 1099-R and then entered on our 2021 tax return.

 

 In regards to my statement "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", some people create a Form 1099-R with the distribution and earnings information they received from their bank to avoid having to amend the return when they get the actual Form 1099-R.

 

[Edited 3/8/2023 | 2:00pm PST]

@zz181 

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