DanaB27
Expert Alumni

Retirement tax questions

Yes, generally code J indicates an early distribution but it is also used for a Roth distribution when codes T and Q don't apply.  You cannot use Code T and Q with code P.  As I mentioned above the 10% early withdrawal penalty won't apply because a corrective distributions of the income on excess contributions distributed before the due date of the tax return qualifies for the exception. But you did not have any earnings and therefore do not need to worry about this.

 

Please see 1099-R instructions for additional information.

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