DanaB27
Employee Tax Expert

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To verify, you requested to have the earnings withdrawn as well but just don't know the amount?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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