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kat469
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2024 Form 1099-R with a distribution code of P2

In 2023 I contributed $5000 to my Traditional IRA. 

 

When filing my 2023 taxes, I realized that I would not get a deduction for that contribution, so before the 2023 tax filing deadline, I had Fidelity distribute the contribution back to me. 

 

Fidelity distributed $6644.07 back to me in the beginning of 2024. 

 

I received a 2024 1099-R.  The 2024 Form 1099-R shows $1644.07 in box 2a (the  taxable amount).

 

I did have Fidelity withhold Federal Income tax of $164.40, but I think I still owe a little more federal income tax.

 

When I entered the 2024 1099-R into my 2024 taxes, Turbotax does not show that I owe any additional tax. 

 

Do I need to amend my 2023 taxes in order to finish paying taxes on the taxable amount?

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1 Reply

2024 Form 1099-R with a distribution code of P2

The 2023 IRA contribution was non-deductible so getting the $5K back would not be taxable. only the earnings should be taxable 

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