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Retirement tax questions
If you made the excess Roth IRA contribution in 2023 for 2023 and then withdrew in 2023 then you will have code 8 and J on your 2023 Form 1099-R, and it will have to be reported on your 2023 tax return.
If you made the excess Roth IRA contribution in 2024 for 2023 and then withdrew in 2024 then you will have code 8 and J on your 2024 Form 1099-R, and it will have to be reported on your 2024 tax return (I recommend checking with your financial institution if they follow this).
If you made the excess Roth IRA contribution in 2023 for 2023 and then withdrew in 2024 then you will have code P and J on your 2024 Form 1099-R, and it will have to be reported on your 2023 tax return.
“However, for the distribution of excess Roth IRA contributions, report the gross distribution in box 1 and only the earnings in box 2a. Enter Code J and Code 8 or P in box 7"(Form 1099-R instructions).
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