☰
✕
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 Apr 12, 2023 3:00:15 PM

I withdrew my 2021 excess Roth Ira contribution + earning before filing 2021 tax in April 2022. In 2023, I received the 1099-R with code PJ. What should I do for TY 2022?

My wife also withdrew 2021 non-deductible IRA with loss before filing 2021 tax. She received 1099-R with the code P1. How do we report the earning (in my Roth) and the loss (in my wife's IRA) in 2022 tax? Do we need to amend 2021 tax?

0 1 308
1 Replies
Expert Alumni
Apr 12, 2023 3:17:13 PM

You need to enter the 1099-R forms in TurboTax for your 2022 returns. You will also enter the 1099-R forms on your 2021 amended return to report income earned. You can't deduct a loss on IRA funds unless you withdrew all of your funds from all IRA accounts.