- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
Codes J and 8 together is correct coding to indicate a return of contribution from a Roth IRA. This is a special-case use of code J to indicate that the return of contribution was from a Roth IRA and is to be used with code 8 (or P) for any return of contribution from a Roth IRA before the due date of the tax return, even when the distribution occurred after you reached age 59½.
If you were over age 59½ at the time of the return of contribution from the Roth IRA, you must claim an Other reason exception to the early-distribution penalty on the amount shown in box 2a of this Form 1099-R (the earnings). If you were not over age 59½, you owe the early-distribution penalty on the earnings.
June 4, 2019
4:49 PM