Hey there, quick goback. I just came across this mention of code 8 for excess contributions during the current year, instead of code P for the prior year. Do you have any thoughts on that?
https://www.taxact.com/support/1210/2023/form-1099-r-excess-401k-contributions?hideLayout=False
From the 2023 1099-R form instructions:
8—Excess contributions plus earnings/excess deferrals (and/or earnings) taxable in 2023.
Use Code 8 for an IRA distribution under section 408(d)(4), unless Code P applies. Also, use this code for corrective distributions of excess deferrals, excess contributions, and excess aggregate contributions, unless Code P applies. See Corrective Distributions, earlier, and IRA Revocation or Account Closure, earlier, for more information.
P—Excess contributions plus earnings/excess deferrals taxable in 2022.
See the explanation for Code 8. The IRS suggests that anyone using Code P for the refund of an IRA contribution under section 408(d)(4), including excess Roth IRA contributions, advise payees, at the time the distribution is made, that the earnings are taxable in the year in which the contributions were made.
