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Retirement tax questions
You do not need to delete the 2023 Form 1099-R since the code P will tell TurboTax that it needs to ignore the income on the 2023 tax return.
You do not need to amend your 2022 tax return since you had a loss. Only earnings are taxable and have to be reported.
You might want to check with your financial institution since a code P only will indicate a return of an excess deferral. For a return of an 2022 excess Roth IRA contribution, returned in 2023, the code in box 7 should be P and J.
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March 16, 2024
9:04 AM