1099 R for 2022

[march3john]

I contributed an excess $7000 to my Roth IRA in 2021 due to no income, I realized the mistake and created a 1099 R for 2021 when I field my taxes for 2021 with a code P and J all of which included excess contribution and earnings and paid tax on the earnings. . I had withholding taxes for both federal and state taken out by my brokerage and did not include them on  the 2021 1099 R since the form was created in 2022 I have now received a 1099R for 2022 that shows total contribution removal ,taxable earnings and withholding taxes. My question is do I report all this info again onto Turbo Tax and do I need to  add my withholdings to estimated taxes page paid?

[MaryK4]

Yes, you will want to enter the 1099-R exactly as you have it- you should see the interest income added and show the withholding, but TurboTax will prompt you to amend your 2021 return, but because you already entered in 2021 with the adjusted codes, you saved yourself the additional step of the amendment.

[march3john]

Thanks my only other question is with TURBO TAX automatically deduct the withholding tax from the 1099R or do I have to include it in estimated taxes paid?

Thanks

[HelenC12 · Accepted solution]

It depends. If your 1099-R from has Federal Income tax withheld in Box 4, TurboTax will automatically apply it to your federal income tax payments.

If you mailed in an estimated payment or paid estimated income tax on the IRS website, you will need to enter your estimated payment manually in TurboTax. 

Please see, Where do I enter my estimated tax payments?