After you file

Yes, when you remove the excess contribution and earnings by the due date then the earnings will be taxable and subject to the 10% early withdrawal penalty if it was removed before December 29th, 2022 (on Form 5329 part I). I was referring to part IV (the 6% penalty calculation) isn't needed.

Since you have filed your 2022 tax return already it might be best to wait to amend your 2022 tax return until you receive the 2023 Form 1099-R with codes P and J in 2024.

But if you don’t want to wait and know the distribution amount and earnings then you can enter the 2023 Form 1099-R now with these steps:

1. Click on the "Search" on the top right and type “1099-R” 
2. Click on “Jump to 1099-R”
3. Answer "Yes" to "Did you get a 1099-R in 2022?"
4. Select "I'll type it in myself"
5. Box 1 enter total distribution (contribution plus earning)
6. Box 2a enter the earnings
7. Box 7 enter J and P
8. Click "Continue"
9. On the "Which year on Form 1099-R" screen say that this is a 2023 Form 1099-R.
10. Click "Continue" after all 1099-R are entered and answer all the questions.
11. Continue until "Did you use your IRA to pay for any of these expenses?" screen and enter the amount of earnings under "Another reason" if you are over 59 1/2 (if you are under 59 1/2 and removed the excess after December 29, 2022, then enter it next to "Corrective Distributions made on or after December 31, 2022"

Please be aware, code P will say in the drop-down menu "Return of contribution taxable in 2021" you can ignore that since the follow-up question will tell TurboTax that it will be taxable in 2022.

[Edited 4/3/2023 | 11:00 am PST]

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