DanaB27
Employee Tax Expert

Retirement tax questions

No, the Form 1099-R for the 2021 excess needs to be reported on the 2021 tax return and should have codes P and J in box 7. Please see  How to amend a tax return for instructions.

 

The Form 1099-R for the 2022 excess needs to be reported on the 2022 tax return and should have codes 8 and J in box 7. 

 

Yes, only the earnings will be taxable and subject to the 10% early withdrawal penalty if you are under 59 1/2 (if you are over 59 1/2 enter the earnings under "Another reason" on the  "Did you use your IRA to pay for any of these expenses?" screen to get exempt from the 10% penalty).

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