DanaB27
Expert Alumni

Retirement tax questions

In your case it might be best to confirm with your financial institution how they will issue the Form 1099-R. 

 

Technically, you should get only a 2025 Form 1099-R with codes P and J, since a contribution made in 2025 for 2024 is deemed to have been made in 2024. But some financial institutions will issue 2025 Form 1099-R with code 8 and J since the contribution was made in 2025. As you noticed the IRS wording is vague with "earnings are taxable in the year in which the contributions were made".

 

Therefore, it is best to check with your financial institute how they will issue the Form 1099-R so you can correctly report what the financial institution has sent to the IRS.  

 

If they only use Form 1099-R with code P and J then you can combine the withdrawals one Form 1099-R. 

 

 

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