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pap08527
New Member

New Jersey Roth excess contribution taxable portion

I'm amending my Federal and New Jersey 2023 taxes for an excess Roth contribution that was withdrawn from the account. I believe I have the Federal complete but NJ seems to be taxing both the contribution and gains. The 1099R has Codes P & J

TurboTax give me a message that Roth distributions with the Code J or T  are taxable in NJ. This can't be correct for distribution due to excess contributions.

 

I've seen some similar question be no clear answers.

 

Thanks you. 

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1 Reply
MarilynG1
Employee Tax Expert

New Jersey Roth excess contribution taxable portion

If you have a 2024 1099-R that you entered into your 2024 return (because of withholding), TurboTax may tell you to Amend your 2023 return.

 

If you didn't report the excess/withdrawal in 2023, you will need to Amend to enter your 1099-R with Codes JP.  If you indicate that you withdrew the excess contribution in the follow-up questions, you are correct that you should be taxed only on the Earnings in both Federal and State on your 2023 Amended Return. 

 

On what NJ form are you seeing the contribution also being taxed in NJ?  

 

If you can give more info, we'll try to help.

 

Here's more discussion on Entering 1099-R With Codes JP.

 

 

 

 

 

 

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