taxpayer211
Returning Member

Retirement tax questions

Thanks for the reply @AnnetteB6 

I believe I followed all the instructions but I still feel like something is wrong.

When I add both 1099-Rs, it is showing that I have $19,000 of "income" from the IRAs, and it now says I owe $3,000  (previously to adding the 1099-Rs, I was due a refund).

This number includes the 2022 Roth IRA contributions that I withdrew (and already paid taxes on), the same contributions (again) that I deposited into a traditional IRA at another institution, that I then transferred to a Roth, and finally, my 2023 traditional->Roth contributions. Is this not counting the contributions twice? I know you said the "P" code would "not do anything" but that didn't seem to be the case when I put everything in. and the 1099-R from the second institution does not have a P or J but a #2 in the distribution code. Is this an issue?

 

Thanks again