SeA3106
Level 2

My client made contributions to a Roth IRA that he was not eligible to contribute.  He requested that the amount he deposited be returned to him. The fund company sent him a 1099R with the distribution code JP.  I reviewed the drop down menu in Lacerte and there's no JP option. The drop down menu has the two codes separately:

J - Early distributions from a Roth IRA selection

P - Excess contributions plus earnings/excess deferrals taxable in 2019

I'm not sure which of these codes I should select or does Lacerte need to add a JP code?

Any thoughts on what I should do in this situation?

Thanks,

 

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