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Retirement tax questions
Since you withdrew the excess contribution after the due date the financial institution should have only issued a Form 1099-R for a regular distribution with code J. Using code P and J for a 2021 excess contribution removed in 2023 is wrong.
Yes, when you know that the incorrect code was used and the financial institution refuses to correct it then you can correct the code. You should inform the financial institution that they used the wrong code.
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March 27, 2024
6:56 AM