2024 1099-R With Code JP

[trentpanzera]

Hello,

I received (in 2025) a 1099-R with distribution codes JP. What exactly do I need to do with this form?

In 2023, I contributed to a Roth IRA and then realized when filing taxes in early 2024 that I was not eligible to contribute to a Roth IRA for 2023. I removed the excess contributions and associated gains from the Roth IRA account in Feb 2024.  When I did this, I understood it to mean that it was as if I never contributed to the Roth IRA in 2023 because I removed the contributions before 2023 taxes were due. Now I received the 1099-R with a taxable amount in box 2.a, even though I never sold any securities, I merely transferred them to a different account at the same brokerage. Do I need to do anything with this 1099-R for 2024 taxes or any other years?

Thanks!

[DanaB27]

The earnings from an 2023 excess contributions are taxable on your 2023 return. If you did not report the earnings on your 2023 return when you filed it then you will need to amend your return.

You do not need to enter the 2024 Form 1099-R with codes JP on your 2024 return unless there is Box 4 Federal Tax withholding and/or Box 14 State withholding. Then you must enter the 2024 Form 1099-R into the 2024 tax return since the withholdings are reported in the year that the tax was withheld. The 2024 code P will not do anything to your income to the 2024 tax return income but the withholdings will be applied to 2024.

On your 2023 return:

1. Login to your TurboTax Account 
2. Click on the "Search" on the top right and type “1099-R” 
3. Click on “Jump to 1099-R”
4. Enter the 2024 Form 1099-R with code JP
5. On the "Which year on Form 1099-R" screen say that this is a 2024 Form 1099-R.
6. Click "Continue" after all 1099-R are entered and answer all the questions.
7. Continue until "Did you use your IRA to pay for any of these expenses?" screen and enter the amount of earnings under "Corrective distributions made before the due date of the return".

Please be aware, code P will say in the drop-down menu "Return of contribution taxable in 2023" but you can ignore that since the follow-up question will tell TurboTax that it will be taxable in 2024.