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Investors & landlords
Thank you for the reply. The 1099-R code in box 7 is "P", which is "P--Excess contributions plus earnings/excess deferrals (and/or earnings) taxable in 2023". When Turbo Tax imports the 1099-R, after going through the applicable prompts, it tells me the earnings are taxable in 2023. When I go through the process to attempt to amend 2023, there's no obvious place to enter the taxable amount in box 2a. The code table for "P" in the 1099R instructions says "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." Should I just file a 1040-X with the increase in taxable income, and explanation in Part II?