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Retirement tax questions
If it was for an excess Roth IRA contribution made in 2024 withdrawn in 2025 then it the code would be P and J. If made in 2024 and withdrawn in 2024 then it would be code would be 8 and J.
Form 1099-R instructions state: "Use Code 8 or P, if applicable, in box 7 with Code J. Do not combine Code Q or T with any other code...." and "For the distribution of excess Roth IRA contributions, report the gross distribution in box 1 and on...."
Please note there is no limit for conversions. Please do not enter the conversion as a Roth IR contribution. All you need to do is enter the 1099-R for the conversion and indicate in the follow-up questions that it was a conversion.
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March 2, 2025
4:25 AM