DanaB27
Expert Alumni

Retirement tax questions

The 2023 Form 1099-R with code J (or code T if you are over 59 1/2) for the regular distribution of the 2021 excess will be entered on your 2023 tax return.

 

The 2023 Form 1099-R with codes P and J for the 2022 excess plus earnings will be entered on your 2022 tax return. The earnings are taxable on your 2022 tax return but are not subject to the 10% early withdrawal penalty since you removed it after December, 29th, 2022.

 

@rewashp 

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