MinhT1
Expert Alumni

Retirement tax questions

Your broker should give you now the amount withdrawn so you know the earnings. You should add in your 2021 tax return a form 1099-R reporting the total amount withdrawn in box 1 and the earnings in box 2a. In box 7 enter code 8 and J,

 

Next year, you will receive a 1099-R with code P and J in box 7. You can ignore it as it has already been reported and taxed in 2021.

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