1099-R with Multiple Entries and different distribution codes

[CzarSosa]

I mistakenly made contributions to my ROTH after I retired from my work.  Upon realizing my mistake, I called the company and had the funds returned.  I am over 60 and had that ROTH for more than 20 years.

I just received my 1099-R with the following entries:

Gross Distribution                           Distribution Code

6296                                                     JP

287                                                        J8

How do I make those entries to TurboTax and do  I need to amend my 2022 income tax return?  Also, why code "J" when I am over 60?

Thanks for your advice

CS

[dmertz]

The code JP 2023 Form 1099-R is to be entered into 2022 TurboTax by amending unless you have already reflected it there by having entered a code JP 2023 Form 1099-R as if you had already received it.  When entering this form into 2022 TurboTax, be sure to indicate that it's a 2023 Form 1099-R when TurboTax asks.  Any taxable amount show in box 2a represents attributable earnings that is required to be included in your 2022 taxable income.  You 2022 tax return should also not show the Roth IRA contribution for 2022 that was returned, so no excess contribution penalty with respect to the returned contribution.

The code J8 2023 Form 1099-R must be entered into 2023 TurboTax.

Regardless of your age, the payer is required to use code J to indicate that the returned contribution is from a Roth IRA.  The tax code has changed such that attributable earnings distributed with a returned IRA contribution are no longer subject to an early-distribution penalty, so there is no need to be concerned about having to enter the code J along with either code P or code 8.

[CzarSosa]

Do I need to amend the 2022 return? Can I entered code "8" and "J" and entered an explanation

that I mistakenly contributed to 2022 ROTH and requested that the funds be sent back.

Thanks for your help.

CS

[dmertz]

If there is a taxable amount shown in box 2a of the code JP 2023 Form 1099-R and that amount was not previously included in your 2022 income, you must amend the 202 tax return as I previously described.

The code J8 2023 Form 1099-R is reportable on your 2023 tax return, not on your 2022 tax return.

[CzarSosa]

The amount shown is 0.00.  Those are the entries below:

Box 1                              Box 2a                  Box 7 

6296.91.                         0                            JP. ----------- to be amended to 2022?

587.34                            4.34                       J8 ----------- to be reported to 2023

Thanks for your help.

CS