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Julyredbird
Level 2
May 11, 2021
Question

2020 Excess Roth IRA Contribution

  • May 11, 2021
  • 5 replies
  • 62 views

Hello,

I need assistance to create the 1099-R for this year.

 

My excess contribution to my 2020 Roth was $500 and  earnings $323.45.  I did not have taxes taken out so I can take care of this mistake this year.  

 

I understand BOX 1:  $823.45

                        Box 2a: $323.45

 

Now, I am not sure after that.  What codes do I use in Box 7?

 

Second, I do need to have the correct address for the Payer (Charles Schwab) and their Payer's TIN number...Correct?

 

Thank you for your assistance!

5 replies

J
JulyredbirdAuthor
Level 2
May 11, 2021

I have read on other post to use "J" and "P" ....just making sure

D
Employee Tax Expert
DanaB27Employee Tax Expert
Employee Tax Expert
May 13, 2021

Yes, you will enter code P and J for box 7.

 

Yes, need to have the correct address for the Payer (Charles Schwab) and their Payer's TIN number.

 

  1. Click on the "Search" on the top right and type “1099-R”
  2. Click on “Jump to 1099-R”
  3. Answer "Yes" to "Did you get a 1099-R in 2020?"
  4. Select "I'll type it in myself"
  5. Box 1 enter total distribution (contribution plus earning)
  6. Box 2a enter the earnings
  7. Box 7 enter P and J 
  8. Click "Continue"
  9. On the "Which year on Form 1099-R" screen say that this is a 2021 1099-R.

 

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    J
    JulyredbirdAuthor
    Level 2
    May 14, 2021

    Thank you DanaB27 for your assistance!  I called Charles Schwab and received the correct address/TIN.  Thank you again!

    T
    Taxn00b15
    Level 2
    May 14, 2021

    Question:   Why would "J" be necessary?  I thought that as long as the excess deferral was corrected by 4/15/2021, all was forgiven.  I assume "J" flags the IRS to give an early distribution penalty.

     

    Since this was a ROTH IRA, should code "B" be added as well?

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