DanaB27
Expert Alumni

Get your taxes done using TurboTax

Yes, you can add a 2023 Form 1099-R with codes P and J to avoid amending the 2022 tax return. This won't be a taxable event since you had a loss but Turbotax will add an explanation statement for the returned excess contribution, where you can state that you withdrew the excess contribution of $1,000 minus the loss of $$$.

 

To create a Form 1099-R in your 2022 return please follow the steps below:

 

  1. Login to your TurboTax Account 
  2. Click on the "Search" on the top right and type “1099-R” 
  3. Click on “Jump to 1099-R”
  4. Answer "Yes" to "Did you get a 1099-R in 2022?"
  5. Select "I'll type it in myself"
  6. Box 1 enter total distribution (contribution minus loss)
  7. Box 2a enter $0
  8. Box 7 enter J and P
  9. Click "Continue"
  10. On the "Which year on Form 1099-R" screen say that this is a 2023 Form 1099-R.

 

Please be aware, code P will say in the drop-down menu "Return of contribution taxable in 2021" but you can ignore that since the follow-up question will tell TurboTax that it will be taxable in 2022.

 

 

@T1390 

 

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