Anne_2022
Returning Member

Get your taxes done using TurboTax

I also have a similar situation and hope someone can help me clarify.

I contributed to 2021 Roth IRA but found out in March 2022 that I did not qualify to contribute when I started doing my taxes. I immediately contacted my brokerage and they made a distribution of $6000 (original contribution) + $50 (earnings).  

 

From reading the thread it seems like I should use codes 8 and J, can someone confirm if that is right?

It was a Roth so it was after tax already but code 8 is for "contribution taxable in 2021."

 

Turbo Tax also gives the option of "I need to prepare a substitute 1099-R." Since I won't receive my 1099-R till 2023, should I use that or should I use the Form 1099-R option?

 

Is the following correct for the boxes:

Box1 gross distribution-6000? 6050?

box2a-taxable amount -6050? 50?

box2b-taxable about not determined? total distribution?

box3-capital gain(included in 2a)-50?

 

Thank you!