Hello Community,
In early 2024, we had an excess IRA contribution that we fixed and correctly claimed on our 2023 tax return. In early 2025, we received the 1099-R for 2024. Since I correctly claimed this on my 2023 tax return, my question is on my 2024 tax return how do I report this ? The 1099-R for 2024 is showing code PJ.
Trying to figure out how to correctly report this on my 2024 tax return and not pay taxes on it, since I already handled this correctly on my 2023 tax return.
Any guidance or direction before I start my 2024 tax return would be great. Thanks again.
If you do enter the code-JP 2024 Form 1099-R into 2024 TurboTax, when 2024 TurboTax asks if the Form is a 2024 form or a 2025 form any you indicate that it is a 2024 form, 2024 TurboTax will ignore it other than to remind you that it was reportable on your 2023 tax return.
If you entered the information on your 2023 return (using the TurboTax guidance that created a 1099-R for the entry), you do not have to do anything for 2024. If you did enter the 1099-R, TurboTax would indicate based on the P and J codes, that you would have to go back and amend your 2023 return (but since you proactively reported, you do not need to amend).
I recommend keeping a copy with your tax records.
If you do enter the code-JP 2024 Form 1099-R into 2024 TurboTax, when 2024 TurboTax asks if the Form is a 2024 form or a 2025 form any you indicate that it is a 2024 form, 2024 TurboTax will ignore it other than to remind you that it was reportable on your 2023 tax return.
I reported the 2023 excess contribution as other income in my 2023 tax return (did not have 1099R). Now I received 2024 1099R with code P. Do I need to amend 2023 tax return? If not, do I need to report it in 2024 tax return?
Thank you!
@liyu , you've already reported correctly, no need to amend 2023
You can enter the code-P 2024 Form 1099-R into 2024 TurboTax. As long as it shows no tax withholding, 2024 TurboTax will do nothing with it except to remind you that the taxable amount on this form should have been reported on your 2023 tax turn. (If there is tax withholding, it's credited on your 2024 tax return, not on your 2023 tax return.)