@DanaB27 One thing I am curious about, when the 1099-R from the financial institution gets generated (and the one I am preparing in TurboTax for 2024 to reverse the 2024 excess contribution) and it has a code J , won't this trigger an IRS inquiry since code J is for an Early Distribution from a Roth IRA which normally would be subject to a 10% penalty?
Is there a place in the tax return to explain that the code J 1099-R distributions are the return of excess contributions and NOT an early distribution subject to the 10% penalty? Or do we just have to wait until the IRS makes the inquiry and then explain it at that point?
