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Retirement tax questions
You do not need to enter the 2024 Form 1099-R with codes PJ on your 2024 return unless there is Box 4 Federal Tax withholding and/or Box 14 State withholding. Then you must enter the 2024 Form 1099-R with codes PJ into the 2024 tax return since the withholdings are reported in the year that the tax was withheld. The 2024 code P will not add the income to the 2024 tax return income but the withholdings will be applied to 2024.
As dmertz mentioned you will have to enter the 2024 Form 1099-R with codes PJ on your 2023 tax return. Please see How do I amend my federal tax return for a prior year?
To remove the 6% excess penalty on your 2023 return:
- Click on "Search" on the top right and type “IRA contributions”
- Click on “Jump to IRA contributions"
- Select “Roth IRA”
- Continue until the penalty screen and enter the excess contribution amount withdrawn.
To enter Form 1099-R with codes PJ on your 2023 return:
- Click on the "Search" on the top right and type “1099-R”
- Click on “Jump to 1099-R”
- On the "Which year on Form 1099-R" screen say that this is a 2024 Form 1099-R.
- Click "Continue" after all 1099-R are entered and answer all the questions.
- Continue until "Did you use your IRA to pay for any of these expenses?" screen and enter the amount of earnings under "Corrective distributions made before the due date of the return".
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February 5, 2025
12:27 AM