Get your taxes done using TurboTax

"how to report excess contribution earnings?"

The purpose of the procedure outlined above is to do exactly that.

Also, to put the distribution amount on your 2023 tax return, as required.

 

as you can see from the thread there was some discussion about code "P"

 

 

Instead,

Use these settings.

2023 1099-R with code "8".

put a checkmark in the IRA/SEP/SIMPLE box.

do not mark the "taxable amount not determined" box.

 

 

box 1 - distribution amount

box 2a -  taxable earnings.

 

You may also find that TurboTax requires the custodian TIN.

You can use this number if you don't have another 1099-R to refer to.

22-1211670

 

 

@RMB2023