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After you file
No, if you didn't withdraw the excess then you won't get Form 1099-R with codes PJ and you do not need to create one.
Yes, you can ignore Form 1099-R with code R since it won't change anything on your return and won't show up on Form 1040.
Yes, you will have to enter Form 1099-R with code 2:
- Click on "Search" on the top right and type “1099-R”
- Click on “Jump to 1099-R”
If you converted the funds to a Roth IRA:
- Enter the information from your 1099-R
- Answer questions until you get to “Tell us if you moved the money through a rollover or conversion” and choose “I converted some or all of it to a Roth IRA”
- On the "Review your 1099-R info" screen click "continue"
- Answer "yes" to "Any nondeductible Contributions to your IRA?" if you had any nondeductible contributions in prior years.
- Answer the questions about the basis from line 14 of your 2020 Form 8606 and the value of all traditional, SEP, and SIMPLE IRAs
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April 11, 2022
6:42 AM