1099-R

Forum|Forum|3 years ago
February 15, 2023
1 reply
9 views

So I removed an excess Roth IRA contribution and earnings because of having no income for 2021. Before I filed my taxes in 2022 I created a 1099- R with codes P and J and paid taxed on the earnings. Now I have a 1099- R which shows taxable earnings also partial federal and state tax withholding. I was told from another post to copy the 1099 R if I had withholding otherwise to ignore it if I did not. My question is am I being taxed twice on the earnings or should I leave that line blank

Thanks much

Best answer by dmertz

know

2022 TurboTax knows to ignore a 2022 Form 1099-R with codes P and J in box 7 except to credit on your 2022 tax return any tax withholding shown on the form. TurboTax does not include anywhere on your tax return the amounts shown in boxes 1 and 2a of the form.

SantinoD

Level 6

To clarify, you mentioned that you "created" a 1099-R. Are you saying that you created one yourself? So now you have two 1099-R's?

march3johnAuthor

Level 3

I created a 1099-R for 2021 taxes as suggested by a reply to my earlier post with codes PJ since the withdrawal was done in 2022 and I would not receive a 1099 R for 2021. I was told to ignore the 2022 1099-R when it arrived from my brokerage unless it showed withholding taxes which it does. It also shows the taxable amount of the earnings withdrawal which was already paid taxes on from my created 1099-R on mu 2021 taxes . If I input all the info including taxable earnings it looks like my earning will be taxed again for 2021.

Thanks for any help