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Get your taxes done using TurboTax
As I understood, the excess contribution was in 2022 and it's withdrawal was in 2023. You should create substitute 1099-R for that withdrawal (TT will put code 8 in box 7) now and file it with your 2022 taxes. This will effectively conclude this correction. Because the withdrawal was in 2023, you will get 1099-R from your brokerage, codded P in Box 7, in 2024 which you will then just file away for your record. No further action will be needed in 2024, except to be aware of the purpose of that form.
March 31, 2023
1:36 PM