I apologize for the extra follow-up, but I went ahead and did the $6,000 distribution from my Roth IRA account and my wife's in early December 2022 to correct the $6,000 of excess contributions we each made in 2021. I received a 1099-R from my brokerage. For each of us, box 1 notes the gross distribution of $6,000, blank for box 2a taxable amount, box 2b taxable amount not determined is checked, box 7 distribution code is J, and the rest is blank except for payer and recipient identification. Is box 7 distribution code J the correct code?
When I add the 1099-Rs, it adds a tax and penalty amount around $1,900 for each. When I look at Form 8606 part III, line 19 shows $6,00 as nonqualified distributions from Roth IRAs in 2022, and further on it shows the taxable amount as $6,000 with an additional $600 tax. Any thoughts you have are much appreciated. Thank you @dmertz
