tt excess contribution info

[gjgogol]

@DanaB27Just for clarification, in Feb 2024 I received a 2023 Form 1099-R with only code P for the removal/distribution of a 2022 excess contribution. The excess contribution was made in Jan 2022 and distributed back to me in March 2023.

You stated, "If your financial institution refuses to correct the code I would document that they refuse to use the correct codes according to the Form 1099-R instructions and keep it for your records." I was asking about how TT wanted me to handle it, i.e. 1) change 2023 Form 1099-R when I enter it in TT; or 2) create a new/substitute 2023 Form 1099-R (Form 4852) using TT; or 3) do nothing more in TT, ie. leave 2023 Form 1099-R alone as provided by financial institution with only code P and document it for my records?

[DanaB27]

You do nothing in TurboTax for your 2023 return since the 2023 Form 1099-R including code P belongs in the 2022 tax return.

You don't need to amend your 2022 tax return since you have no earnings in box 2a.

Therefore, you don't need to do anything in TurboTax and only document it for your records.

[gjgogol]

@DanaB27Thank you!