Hello Community!
For tax year 2021 I had to withdraw excess Roth IRA contributions in 2022 and I filed my 2021 return using a substitute 1099-R (form 4852) with the numbers from the brokerage firm that I had at the time I filed my return in April 2021. I had to make a 2nd excess contribution withdrawal in 2022 after I filed my TY2021 return as I learned my excess was a bit more than originally determined, which I paid an excess penalty for with my 2021 tax return.
I received a 1099-R (2022) from the brokerage firm in Jan 2023 and the Gross Distribution value is higher than what I reported on the 4852 filed for TY2021 because of the total of the 2 excess contribution withdrawals. The Taxable amount is the same as what I reported on the 4852 filed for TY2021. Box 7 has codes J and P in it on the 1099-R (2022).
My question is what is the correct thing to do with this 1099-R (2022) when filing my 2022 taxes?
Also do I need to file an amended return for 2021? In TurboTax 2022 I did enter the 1099-R (2022) and received a message that I need to file an amended return for 2021.
Can someone advise the right way to handle this 1099-R? Please let me know if my situation and question aren't clear and I'll try to clarify.
Thank You,
Rebecca
