Hi, I looked over several posts about similar topics, but couldn't figure out the right answer, so just to clarify.
Here is what's my situation:
1. I contributed $6000 to my roth IRA in Jan of 2022 for the year 2022;
2. When I was doing my 2022 tax in 2023, I realized I'm over the income limit to contribute. But because i waited the last second to do my tax, I was barely able to remove the excess contribution before the tax deadline. The excess was removed on 4/17/2023 by my brokerage firm.
3. I received a 1099-R form this year. The year showing on the form is 2023. And line 7 contribution code is "PJ". And the contribution actually had a loss, so they removed less than $6000.
My questions:
1. I was not sure if I reported the Roth IRA contribution for my 2022 return, I remembered I just followed the turbotax prompt when I did these. How do I check if I reported or not on my tax form?
2. If I did not report the Roth IRA, or vice versa, do I need to amend the 2022 return? And how do you do this?
3. For 2023 return, what do I need to do about the 1099-R form?
Thank you very much, please ask clarify questions if I did not explain it clearly. I appreciate it.
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You withdrew the excess contribution from your Roth and reported it on your 2022 tax return. For 2022, the tax return due date was April 18, 2023. By withdrawing the excess on April 17, 2023, you did it on time.
As you had a loss, there's no need to report anything else, as the loss isn't deductible.
The form 1099-R that you received for tax year 2023 had code PJ in box 7.
P means Excess contributions plus earnings/excess deferrals (and/or earnings) taxable in 2022
J means Early distribution from a Roth IRA, no known exception
You don't report that form 1099-R on your 2023 tax return as it concerns tax year 2022. And you don't need to amend your 2022 tax return either, because you have reported everything correctly.
Thank you for your reply, it's really helpful. But like I said in the post, I'm not sure if I reported my contribution in my 2022 return or not, or if I did it right? How do you check this in the tax forms? Which line or which form do you check? Thanks
You can check the IRA contribution worksheet to see if your reported the Roth IRA contribution as withdrawn (line 25). Or you might not have reported the contribution at all then line 19 would be empty.
Form 1040 line 4 will show if you created a Form 1099-R with code P and J. If you did not then you do not need to amend your 2022 return since you do not have a taxable event with the loss. Only earnings would be taxable.
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