DanaB27
Expert Alumni

Retirement tax questions

To verify, you requested to have the earnings withdrawn as well but just don't know the amount? Because you stated that the Form 1099-R will show the "$7k withdraw and the exact earnings amount".

 

If you withdrew the earnings and excess contribution amount and both will be shown on the 2022 Form 1099-R then you do not need to pay the 6% penalty on your 2021 tax return.

 

Yes, you will have to amend your 2021 return to include the 2022 Form 1099-R with code P and J.

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