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Retirement tax questions
"Enter Code J (AND Code 8 if under 59 1/2) in Box 7" That is not quite correct.
For a Roth it is *always* a J8 reguardless of age. A code J by itself is a normal Roth distribution. It is the 8 that says that it is a return of contribution. A 8 by itself is for a 401(k) return and places the box 2a amount on line 7 as wages, not on line 15b as required. For a Roth return of contribution in the current tax year both a J and a 8 (J8) are always required in box 7.
For a Roth it is *always* a J8 reguardless of age. A code J by itself is a normal Roth distribution. It is the 8 that says that it is a return of contribution. A 8 by itself is for a 401(k) return and places the box 2a amount on line 7 as wages, not on line 15b as required. For a Roth return of contribution in the current tax year both a J and a 8 (J8) are always required in box 7.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
‎June 6, 2019
3:16 AM