@aclsmb1smbacl wrote:
@dmertz
Thank you for the information! As a follow up question, when I do eventually get an official 2021 1099-R in January 2022 for the $32.00 excess contribution + earnings withdrawal, will I still need to enter the 2021 1099-R data in the 2021 Turbo Tax?
Also, I found some old 1099-Rs for excess contribution withdrawals and saw some of those had codes of 8 & J. What is the situation where 8 & J codes would be used instead of the P & J that you have indicated is the proper code to use? I only ask because the description for 8 (Return of Contribution Taxable in 2020) seems to make more logical sense to use as well.
If you report it now then you do not report it again when you receive the 1099-R.
Code 8 means a 2020 returned in 2020, code P means a 2020 contribution returned in 2021. Since the contribution was not returned until 2021 code P is correct.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
