1) Yes, if you have earnings in box 2a and didn't enter a 2024 Form 1099-R with codes P and J on your 2023 return when you originally filed it then you will need to amend your 2023 tax return to add the Form 1099-R with codes P and J.
You do not need to add the Form 1099-R with codes P and J on your 2024 return unless there is Box 4 Federal Tax withholding and/or Box 14 State withholding. Then you must enter the 2024 Form 1099-R with code P and J into the 2024 tax return since the withholdings are reported in the year that the tax was withheld. The 2024 code P will not do anything to your income to the 2024 tax return income but the withholdings will be applied to 2024.
On your 2023 amended return:
- Click on the "Search" on the top right and type “1099-R”
- Click on “Jump to 1099-R”
- On the "Which year on Form 1099-R" screen say that this is a 2024 Form 1099-R.
- Click "Continue" after all 1099-R are entered and answer all the questions.
- Continue until "Did you use your IRA to pay for any of these expenses?" screen and enter the amount of earnings (box 2a) under "Corrective distributions made before the due date of the return".
Please be aware, code P will say in the drop-down menu "Return of contribution taxable in 2022" but you can ignore that since the follow-up question will tell TurboTax that it will be taxable in 2023.
2) You will enter the 2024 Form 1099-R with codes 8 and J on your 2024 return. Make sure you continue after entering all Form 1099-Rs to get to the "Did you use your IRA to pay for any of these expenses?" screen to enter earnings (box 2a) under "Corrective distributions made before the due date of the return".
You do not need to enter Form 5498 anywhere but keep it for your records.
@jfm2023
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