I made a contribution in 2016 to my Roth IRA. When doing my taxes in 2017 for the year 2016 TT informed me that because of a too-high AGI, I was ineligible to make the contribution. I withdrew the contribution plus earnings from the Roth before the tax deadline in 2017. Now, in 2018 I got a 1099-R for tax year 2017 showing the withdrawal. When entering this in TT this caused TT to tell me that I should file an amended return for 2016. Looking at other similar questions, it appears that I should do an amended 2016 return, manually entering the 1099-R information and then selecting year 2017 for the year on the 1099-R. Is this correct? I am well over the 59 ½ age limit, so there would be no question of an early withdrawal penalty.
If I do this, would that mean that I would then ignore the 1099-R when doing my 2017 taxes?
A code J indicated it is a Roth distribution and the Roth owner is under age 59 1/2. It does not indicate the year - the 2017 1099-R indicated the year.
Is there a 2nd code besides the J in box 7 like a JP?
A code JP is taxable on an amended 2016 tax return. The taxable amount should be in box 2a. When entering in the 2016 program it will ask if it is a 2016 or 2017 1099-R - say 2017.
Would I then just ignore the 2017 1099-R when doing my 2017 taxes?