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jservin
New Member

Form 1099-R , Code PJ, Taxable Amount

Last year I over-contributed to my Roth IRA and withdrew the original contribution + earnings, and filed a Form 5329. This year I received a 1099-R with Code PJ. If the taxable amount in box 2a is $0, do I still need to file an amended return? 

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3 Replies
MinhT1
Employee Tax Expert

Form 1099-R , Code PJ, Taxable Amount

No. You don't need to amend your 2022 tax return.

 

Just enter your 1099-R on your 2023 tax return. There should be no additional taxation. Code P means Excess contributions plus earnings/excess deferrals (and/or earnings) taxable in 2022.

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jservin
New Member

Form 1099-R , Code PJ, Taxable Amount

I also have a code J. When I attempt to submit it, it informs me I may need to amend my return. There is a $ amount in the distribution box. I actually ended up at a loss instead of a gain and took out less than I put in.

MinhT1
Employee Tax Expert

Form 1099-R , Code PJ, Taxable Amount

You may need to amend your 2022 tax return if your excess withdrawal included a gain which wasn't already reported in 2022.

 

As you had a loss, that loss isn't deductible and there's no change to your 2022 return and no need to amend.

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