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Level 2

Solved

Turbo tax considers the 8J in Box 7 as 'early distribution'. How do I code that as 'return of excess' as will be reported by my IRA custodian?

Forum|Forum|7 years ago
June 4, 2019
1 reply
7 views

No text available

TurboTax Premier Windows

Best answer by dmertz

Codes J and 8 together is correct coding to indicate a return of contribution from a Roth IRA. This is a special-case use of code J to indicate that the return of contribution was from a Roth IRA and is to be used with code 8 (or P) for any return of contribution from a Roth IRA before the due date of the tax return, even when the distribution occurred after you reached age 59½.

If you were over age 59½ at the time of the return of contribution from the Roth IRA, you must claim an Other reason exception to the early-distribution penalty on the amount shown in box 2a of this Form 1099-R (the earnings). If you were not over age 59½, you owe the early-distribution penalty on the earnings.

dmertzAnswer

Level 15

Codes J and 8 together is correct coding to indicate a return of contribution from a Roth IRA. This is a special-case use of code J to indicate that the return of contribution was from a Roth IRA and is to be used with code 8 (or P) for any return of contribution from a Roth IRA before the due date of the tax return, even when the distribution occurred after you reached age 59½.

If you were over age 59½ at the time of the return of contribution from the Roth IRA, you must claim an Other reason exception to the early-distribution penalty on the amount shown in box 2a of this Form 1099-R (the earnings). If you were not over age 59½, you owe the early-distribution penalty on the earnings.

mskboykinAuthor

Level 2

Thanks