topic 1099r code possibly wrong in Get your taxes done using TurboTax

1099r code possibly wrong

shiyi11 — Wed, 11 Feb 2026 07:56:34 GMT

2022 calendar year, I contributed to Roth ira, then during 2023 Jan1 - April 15th realized my income is over limit, so I took out my excess contribution using the NIA method during that time before the tax deadline.

1200 excess into wealthfront during 2022, then take out 1175.02 (loss) on 03/27/2023, [I did a lot of research then, and know the 1099-R will be mailed to me in 2024 with JP code, so I created my own JP 1099-R in 2023 Apr to avoid amend tax later]
600 excess into M1 finance during 2022, then take out 558.47 on 03/23/23 (loss) [same thing with Wealthfront]

Wealthfront did exactly what I predicted and sent me the JP code 1099R goes well with my return in 2024 and everything matches up, none of that 1175.02 affects my taxes.

However, the stupid M1 finance gave me a 1099R with code 8 on it in 2024.

2a blank,

2b not determined checked,

other boxes through 6 are blank,

code8.

1st year of roth 2018

I am trying to file this, but the program is forcing me to enter a value in 2a, but I can't since it is blank

Re: 1099r code possibly wrong

DanaB27 — Sun, 14 Apr 2024 17:09:33 GMT

The correct code for the return of an Roth IRA excess contribution made in 2022 returned in 2023 should be P and J. Reportable on your 2022 return.

You had no taxable earnings in box 2a since you had a loss, therefore you do not have a taxable event to report.

You do not need to amend your 2022 tax return since it seems you reported everything correctly when you filed the 2022 return.

You should contact the financial institution to see if they will correct the Form 1099-R.

"However, for the distribution of excess Roth IRA contributions, report the gross distribution in box 1 and only the earnings in box 2a. Enter Code J and Code 8 or P in box 7." (Instructions Form 1099-R)

Re: 1099r code possibly wrong

shiyi11 — Sun, 14 Apr 2024 18:43:15 GMT

Thank you @DanaB27 ,

glad to see some confirmation for my research.

Roth IRA excess contribution made in 2023 returned in 2023 would code J8 2023 1099R in 2024 Apr tax season for Tax year 2023.

Roth IRA excess contribution made in 2022 returned in 2023 would code JP.

Is that correct?

Re: 1099r code possibly wrong

DanaB27 — Sun, 14 Apr 2024 19:03:40 GMT

Yes, that is correct.