@MsSlowky wrote:
The 1099R is from a brokerage company and the codes are J & P and we did file our 2024 return by 4/15/25. So it sounds like we need to amend our 2024 return since box 2a is greater than zero. However, box 1 on the 1099R includes the Roth contribution plus the earnings, yet the Roth contribution monies are after tax. It seems like the 1099R I received is incorrect since the monies for the contribution were not pre-tax and shouldn't be included as a distribution. The monies were a distribution but not income. Do you agree? Thank you.
No, this is correct. It's unusual to get a future 1099-R like this, but the amounts and code JP are correct.
You have to remove the excess contributions and the attributed earnings. The total withdrawal is reported in box 1, that's just the rules. Only the attributed earnings should be in box 2a, and only the earnings are taxable. In addition, even though this is an "early" distribution from a Roth IRA, the earnings are not subject to the additional 10% penalty on early withdrawal because it is part of a corrective distribution.
The attributed earnings are taxable in 2024, so you need to file an amended return. Enter the 1099-R as-is. You should only be taxed on the earnings in box 2a, you are not taxed on the amount in box 1.
