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Retirement tax questions
Yes. If this income does increase your tax then you must do an amended return. You would enter the income as though you did receive a 1099-R (which you will receive in 2023).
- P—Excess contributions plus earnings/excess deferrals (and/or earnings) taxable in 2021 (Use this code for Box 7 on your 2021 tax return).
- J—Early distribution from a Roth IRA, no known exception (in most cases, under age 59½). (Should Trigger the Form 5329 Penalty).
1099-R 2023 (when received it should show the following code):
- 8—Excess contributions plus earnings/excess deferrals (and/or earnings) taxable in 2022.
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March 21, 2023
8:39 AM