@taxmeplenty wrote:
You will need to report that using the 1099-R form as issued, because Betterment does not report the taxable amount for any IRA transactions.
In addition a Code JP is a "return of contribution" and not a distribution (an IRA transaction). The "not determined box SHOULD be checked for a distribution but code JP is NOT a distribution - it is simply giving you your contribution back which is not taxable but the earnings are and the IRA custodian is supposed to calculate those earnings.
**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.**
