dmertz
Level 15

Retirement tax questions

If you were over age 59½ at the time of the distribution, the 2021 Form 1099-R reporting the return of contribution from the traditional IRA will have codes P and 7 (or code P by itself) instead of codes P and 1.  Your age at the time determines whether or not any attributable  earnings distributed with the returned contribution are subject to a 10% early-distribution penalty.