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Excess Roth contribution Withdrawn Before filing

[TY2021] I was successful to have 2021 excess Roth contributions to be withdrawn before filing through my financial institution.  The amount withdrawn as excess did not have any earnings, so its a wash what went in, came out ($4140) From other posts it looks like I have to create a 1099-R to show this withdrawn amount for this year 2021.  Codes J and P seem to be required.

 

For Box 7, the J code stands for "Early Distribution from a Roth IRA", no problem.  But code P says "Return of contribution taxable in 2020".  This P code doesn't make sense, where code 8 says "Return of contribution taxable in 2021" seems to make more sense to describe.   Any comments?

 

Also I found the Federal TIN for the financial entity but I don't know the STATE Payer No.   Is this going to make any difference leaving it blank?  

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2 Replies
DanaB27
Employee Tax Expert

Excess Roth contribution Withdrawn Before filing

Please be aware, code P will say in the drop-down menu "Return of contribution taxable in 2020" you can ignore that since the follow-up question will tell TurboTax that it will be taxable in 2021.

 

  1. Click on the "Search" on the top right and type “1099-R” 
  2. Click on “Jump to 1099-R”
  3. Answer "Yes" to "Did you get a 1099-R in 2021?"
  4. Select "I'll type it in myself"
  5. Box 1 enter total distribution (contribution minus loss)
  6. Box 2a enter $0
  7. Box 7 enter J and P
  8. Click "Continue"
  9. On the "Which year on Form 1099-R" screen say that this is a 2022 Form 1099-R.
  10. Click "Continue" after all 1099-R are entered and answer all the questions.
  11. Continue until "Did you use your IRA to pay for any of these expenses?" screen and enter the amount of earnings under "Another reason" if you are over 59 1/2 (if you are under 59 1/2 click "Continue")

 

Yes, you can try to leave it blank. 

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Excess Roth contribution Withdrawn Before filing

Thank you!  Truly appreciate you answering tonight for us procrastinators!

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