@Anne_2022 wrote:
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!
No. Code PJ and say it is a 2022 1099-R. Code 8 means it was a contribution *for* 2022 not 2021.
Box 1 $6,000 box 2a $50.
**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.**
