Retirement tax questions

You can remove the 2024 Form 1099-R with code PJ from your 2024 return since you had no tax withholdings.

To clarify, you don't have any earnings in box 2a? You didn't have any earnings when you withdrew the excess contribution?

If you didn't have any earnings in box 2a then you you do not need to amend your 2023 tax return since only the earnings in box 2a would be taxable in 2023.

If you do have earnings listed in box 2a then you will have to amend your 2023 return.

1. Click on the "Search" on the top right and type “1099-R” 
2. Click on “Jump to 1099-R”
3. Enter the 2024 Form 1099-R and continue
4. On the "Which year on Form 1099-R" screen say that this is a 2024 Form 1099-R.
5. Click "Continue" after all 1099-R are entered and answer all the questions.
6. 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".

Please be aware, code P will say in the drop-down menu "Return of contribution taxable in 2022" but you can ignore that since the follow-up question will tell TurboTax that it will be taxable in 2023.

Form 1099-R instructions state: "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."