3536290
You'll need to sign in or create an account to connect with an expert.
Yes, you generally you need to enter all Form 1099-Rs received. What is the code in box 7 for the Roth IRA? What is the code in box 7 for the traditional IRA?
thank you very much for the help .
the 1099R from Roth account only contains box1 $7000 and box 7: 8J. all other boxes are either empty or 0.
Does this 1099R mean I received a return of contribution ??? at least this is how TurboTax interpret it....I was asked to provide explanation by TurboTax.
Codes 8J indicate that you had an excess contribution and asked to withdraw the excess contribution plus earnings. Only the earnings would be taxable. But it seems you didn't have any earnings if box 2a has $0. Therefore, you don't have taxable income from this distribution and all you need to do is fill out the explanation statement.
If you didn't request the withdrawal of an excess contribution plus earnings then check with your financial institution.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
JJM2590
New Member
rk38
Level 2
1dragonlady1
New Member
pjberens
Level 1
cherylnehr
New Member