Hi All,
I had made a contribution to my Roth IRA in 2018 which wasn't eligible as I make over the limit in my wages. I found this out while working on the taxes for 2018 and withdrew the money before April 2019. I also didn't do anything with it so there was no interest or earnings from it. I called the IRS and they said that I would only need to mention that the contribution wasn't eligible.
Now when I am working on the 2019 taxes I have my 1099R. I entered the two fields from box 7 which are P (Return of contribution taxable in 2018) and J (Early Distribution from Roth IRA). After I went through the next option it mentions that I will be paying extra tax on this money. Can someone help me out as to what letters need to be entered to get this processed correctly? I assume I have to also contact my financial institution to get this correct on the 1099R.
Thanks
