DanaB27
Expert Alumni

Deductions & credits

Yes, it would be best to try to get a corrected Form 1099-R if possible. You can tell your financial institution that the two distributions ($5,000 and $200) were removed after the due date of the 2020 return and therefore are just regular distributions and not returns of excess contributions and earnings (with code P and J). Excess contributions and earnings can only be returned with the P and J code until the extended due date of the tax return, after that date the excess can only be removed with a regular distribution (without earnings and losses).

 

 Since you are over 59 ½ your code in box 7 on Form 1099-R for a regular distribution would be Q (assuming you had the Roth IRA for more than 5 years, otherwise it would be T). Enter the gross distribution ($5,200) in box 1 but leave box 2a blank. Check the “Taxable amount not determined” box in box 2b.

 

@chasfiii

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