DanaB27
Expert Alumni

Get your taxes done using TurboTax

No, if your received 2022 Form 1099-R with code PJ doesn't show any tax withheld then you won't enter it on your 2022 tax return. You can check with the issuer if you believe that taxes were withheld and why they aren't listed on your Form 1099-R.

 

The taxes withheld on the second 2021 Form 1099-R code PJ will be applied to your 2021 tax return and therefore the Form 1099-R will have to be entered on your 2021 tax return. TurboTax will ignore the distribution amount because of the code P but apply the withheld taxes to 2021.

 

Yes, you won't have to pay the 6% penalty on the 2020 excess since you removed it plus earnings before the due date of the 2020 return. Please make sure the 2020 excess didn't carry over to 2021.

 

@fluxquantum94 

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