wk9458
Returning Member

Retirement tax questions

Hmm. I'm not seeing the penalty screen. And to be clear, I actually had two contributions make up the $9000. $3000 to one custodian, and then another $6000 to a second custodian (which is why neither of them caught the over contribution).

 

I've entered the following:

1) 1099-R for the $3000 distribution from Traditional IRA (convert to Roth)

2) 1099-R for the $6000 distribution from Traditional IRA (convert to Roth)

3) 1099-R for the $3000 distribution from the Roth that I manually entered. I've added code J and code P for box 7 as instructed in this thread.

 

When I go back to edit those forms, I don't get anything allowing me to update the $3000 Roth corrective distribution. I do get the following message:

"Based on the code you entered in box 7 of this 1099-R, you're paying extra tax on this money."

 

When I hit continue after entering all 1099-R's, I get to an explanation screen "You told us that XXXX received a return of an IRA contribution before April 18. Explain here the details of the return of contribution."