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?

TomJerry717 · ‎April 12, 2023

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?

ThomasM125 · ‎April 12, 2023

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.

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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?