DanaB27
Employee Tax Expert

Deductions & credits

Yes, code PJ would be issues for the return of an excess Roth IRA contribution.

 

For the return of an excess traditional IRA plus earnings the codes P and 1 would be correct. But you do not have to pay the 10% early withdrawal penalty and would enter the earnings under "Corrective distributions made before the due date of the return" on the "Did you use your IRA to pay for any of these expenses?" screen.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"