MinhT1
Expert Alumni

Retirement tax questions

You withdrew the excess contribution from your Roth and reported it on your 2022 tax return. For 2022, the tax return due date was April 18, 2023. By withdrawing the excess on April 17, 2023, you did it on time.

 

As you had a loss, there's no need to report anything else, as the loss isn't deductible.

 

The form 1099-R that you received for tax year 2023 had code PJ in box 7.

 

P means Excess contributions plus earnings/excess deferrals (and/or earnings) taxable in 2022

J means Early distribution from a Roth IRA, no known exception

 

You don't report that form 1099-R on your 2023 tax return as it concerns tax year 2022. And you don't need to amend your 2022 tax return either, because you have reported everything correctly.

 

 

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