SeA3106
Level 2
04-14-2021
02:46 AM
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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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