AnnetteB6
Expert Alumni

Retirement tax questions

Since you removed the excess Roth contribution and earnings in 2023, your Form 1099-R distribution code in box 7 should show an '8' and 'J'.  This would define the distribution as a return of contribution taxable in 2023 and an early distribution from a Roth IRA.  If this is not what is shown on your Form 1099-R, you should request a corrected Form 1099-R.

 

You will not owe the 10% early distribution penalty on the earnings.  The tax law regarding this was changed starting December 22, 2022.

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