@Yavor wrote:
Thank you, this makes sense mostly.
I just still don't see why box 7 code would not be "8" - Excess contributions plus earnings/excess deferrals (and/or earnings) taxable in 2020.
But i figured there's a good reason for that and filed just now based on your instructions.
Thank you for the quick and clear response, much appreciated!
A code 8 would indicate a contribution made in 2021 *for* 2021 and returned in 2021. A code JP in a 2021 1099-R means a Roth (the code J means Roth) contribution *for* 2020 returned in 2021 which is what you have. (The meaning of code P and 8 advance by 1 each year which is why TurboTax will ask what year the 1099-R is for - 2020 or 2021. You will get a 2021 1099-R for the 2020 return so it must b a code P.)
**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.**
