Reporting 1099r code J

Forum|Forum|1 year ago
March 14, 2025
1 reply
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I made a Roth IRA contribution ($6000) in 2023 for the year 2022. I realized in 2024 that I was ineligible to make that contribution, hence removed the excess contribution in 2024 and paid 6% penalty for the years 2022 and 2023. Now, Fidelity issued me a 1099r form with distribution code J. Box 2b is checked meaning taxable amount is not determined. The amount withdrawn is only the contribution amount. Is it sufficient to report the 1099r code J form using form 1040 where line 4a will show $6000 and line 4b will show $0. Is that sufficient or there is more to it? Any clarification is much appreciated.

Not A Product Question

DanaB27

Level 15

Yes, you should have $6,000 on line 4a and $0 on line 4b (assuming you had no other IRA distributions). You also should have Form 5329 part IV showing that the excess contribution was resolved by this distribution.

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Scouse-sAuthor

Level 3

Thank you, are there instructions on how to populated both 1040 and 5329 for this purpose in TurboTax ?

ThomasM125

Level 15

You just need to enter the Form 1099-R with the code "J" in box 7 and the distribution will be listed on line 4(a) of your Form 1040 and Form 5329 will be populated as follows:

Find the Retirement Plans and Social Security menu option in the Wages and Income section of TurboTax
Start or Update IRA, 401(k), Pension Plan Withdrawals (1099-R)
Choose Add (Another) 1099-R

To view your form 1040 and schedule 1 to 3:

Choose Tax Tools from your left menu bar in TurboTax Online while working in your program
Choose Tools
Choose View Tax Summary
See the Preview my 1040 option in the left menu bar and click on it
Choose the Back option in the left menu bar when you are done

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