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Deductions & credits
Code J is correct. You must make sure that you click the Continue button on the page that lists the Forms 1099-R that you have entered and make sure that TurboTax shows the correct amount of contribution basis for each of you, including the $6,000 of contribution basis from the excess contributions. For each of you, TurboTax will include the distribution on Form 8606 Part III and apply the contribution basis to get the result that the distribution is nontaxable. TurboTax will also include the distribution on line 20 of each of your Forms 5329 to be subtracted from the excess shown on line 18.
‎April 12, 2023
6:58 PM