@tdo061803 wrote:
I have one 1099-R with 2 items and I made a big typo. Box7 is J not P
Item 1
Box 1: The excessive contribution
Box 2a: nothing
Box 2b: "Taxable amount not determined" box checked.
IRA/SEP/SIMPLE: nothing
Box 7: J
Was what I did really code J? It appears to be early distribution.
Item 2
Box 1: some amount(I am not sure if it's earnings anymore)
Box 2a: some amount
Box 2b: nothing
Box 4: some amount
IRA/SEP/SIMPLE: nothing
Box 7: PJ
Box 14: some amount
Box 15: state no.
Box 16: some amount
Those are two totally separate 1099-R's and each must be entered separately.
The code J is a Roth distribution taxable in 2020 if this is a 2020 1099-R.
The code PJ is a return of Roth contributions taxable in 2019 if this is a 2020 1099-R. You must amend 2019 to report it. Only the box 2a amount will be taxable. The box 4 and 14 tax withheld will apply to 2020 thought so it also must be entered in you 2020 tax return to get credit for tax withheld. (It makes no sense to have tax withholding on a return of contribution since the contribution is taxable in the year the contribution was for - 2019, but the tax withholding can only apply to the year that it was withheld - 2020.)
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
