☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Feb 9, 2024 11:02:03 AM

Entering the 1099 r

Which codes do I enter on Box 7? I'm trying to create a 1099r for a traditional IRA excess contribution made on 2023

0 1 538
1 Best answer
Level 15
Feb 12, 2024 4:53:33 PM

Code J has nothing to do with a distribution from a traditional IRA.

 

If in 2024 you received a distribution of an excess traditional IRA contribution made in 2023 and need to enter the Form 1099-R before actually receiving it next year, the correct code is P on a 2024 Form 1099-R with the IRA/SEP/SIMPLE box marked.  (If you received this corrective distribution in 2023, you will already have received the code 8 2023 Form 1099-R that you must enter).

1 Replies
Level 15
Feb 12, 2024 4:53:33 PM

Code J has nothing to do with a distribution from a traditional IRA.

 

If in 2024 you received a distribution of an excess traditional IRA contribution made in 2023 and need to enter the Form 1099-R before actually receiving it next year, the correct code is P on a 2024 Form 1099-R with the IRA/SEP/SIMPLE box marked.  (If you received this corrective distribution in 2023, you will already have received the code 8 2023 Form 1099-R that you must enter).