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Retirement tax questions
No, you do not report an excess contribution on your 2022 tax return. You removed the excess plus earnings before the due date and therefore do not have an excess contribution for 2022.
No, you don't need enter the 2023 Form 1099-R with code P and J on your 2023 tax return. An exception would be if you had any taxes withheld then the Form 1099-R will have to be entered on the 2023 tax return to apply the taxes to 2023. The code P will tell TurboTax to ignore the income for 2023.
The 2023 Form 1099-R with code P and J belongs on your 2022 tax return. If you did not enter a Form 1099-R with code P and J when filing your 2022 tax return and have an amount in box 2a then you will have to amend your 2022 tax return.
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March 16, 2024
6:06 AM