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Get your taxes done using TurboTax
Here are what codes 8 and P mean:
8—Excess contributions plus earnings/excess deferrals (and/or earnings) taxable in 2022.
P—Excess contributions plus earnings/excess deferrals taxable in 2021.
If you prefer to handle it now, enter the excess contribution(total distribution in Box 1) and earnings (only earnings in Box 2a) (if you can separate the earnings portion) as if you have received the 1099-R form (you will receive in next January), the proper distribution code should be JP (your 2022 1099-R will say so).
For your 2022 taxes, you can ignore the 1099-R that you will receive in January 2023, unless you have federal or state income tax withheld.
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February 19, 2022
2:13 PM