If you had taxes withheld, you won’t need to enter the taxes withheld with the entered 2023 Form 1099-R with code PJ on your 2022 tax return. The taxes withheld on a 2023 Form 1099-R with code PJ will be only applied to 2023. Therefore, you will have to enter the 2023 Form 1099-R with code PJ also on your 2023 tax return when you get it. TurboTax will ignore the distribution because of the code P but apply the withheld taxes toward your 2023 tax return.
Yes, if you wait until you get the Form 1099-R and do not enter a Form 1099-R with code PJ now then you would have to amend your 2022 to report the distribution. The earnings on an excess contribution for 2022 are taxable in 2022.
@taxpayer211
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