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Retirement tax questions
Thank you. It was confusing because the article said for the example to use code 8 on the 1099R not P.
"John Johnson, age 45, made a $7,000 traditional IRA contribution for 2020 on January 10, 2021....removed it in 2021....
In our example of John Johnson’s $1,000 IRA excess contribution, the contribution was made and removed in the same calendar year and therefore the appropriate distribution code in box 7 of the 2021 IRS Form 1099-R is “8”. "
April 4, 2021
8:30 AM