I requested a Return of 2015 Roth IRA Contribution due to excess in contribution. Since I made the original contribution in 2015 and now I'm preparing my 2015 Tax return, I don't have my 1099-R yet. While entering Form 1099-R, TurboTax prompted me to prepare the explanation statement. I'm plannning to put the following for my 2016 Form 1099-R will have: Box 1 = $6,200 Box 2a = 0 Box 7 = codes J. I got advice to put code "P" in box 7 as well, but code "P" read "Contribution Returned for Taxable income for 2014"; however, I'm taking money out for contribution for 2015 and preparing my 2015 return. Should I use code "8" instead? "8" is for "Contribution Returned for Taxalbe income for 2015"? Thanks.
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The 2016 return of a Roth IRA contribution made in 2015 should have codes J and P.
TurboTax's drop-down box text assumes that you are entering a 2015 Form 1099-R. In this case, you are entering a 2016 Form 1099-R, so code P means taxable income for 2015. In other words, code P for a distribution from an IRA always means that the distribution of the returned contribution occurred in the year following the year in which the IRA contribution was made. A 2016 Form 1099-R with codes J an P means a the return in 2016 of a Roth IRA contribution made in 2015.
The 2016 return of a Roth IRA contribution made in 2015 should have codes J and P.
TurboTax's drop-down box text assumes that you are entering a 2015 Form 1099-R. In this case, you are entering a 2016 Form 1099-R, so code P means taxable income for 2015. In other words, code P for a distribution from an IRA always means that the distribution of the returned contribution occurred in the year following the year in which the IRA contribution was made. A 2016 Form 1099-R with codes J an P means a the return in 2016 of a Roth IRA contribution made in 2015.
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