dmertz
Level 15

Retirement tax questions

A Roth IRA contribution made in 2021 but returned in 2022 will be reported on a code JP 2022 Form 1099-R and this is what should be entered into 2021 TurboTax.  2021 TurboTax will ask for the year of the form and treat it as taxable on your 2021 tax return when you answer that it's a 2022 Form 1099-R.  No need to enter this as a substitute Form 1099-R because the actual 2022 Form 1099-R is not missing or incorrect, it just hasn't been issued yet and won't be until 2023.  Your explanation statement for the return of contribution avoids the need to use the substitute Form 1099-R (Form 4852) which would prevent you from e-filing.

 

A code 8P 2021 Form 1099-R would produce the same result as long as there is no tax withholding (you should decline tax withholding), but is technically incorrect because the return of contribution was not made in 2021.