lapsonluu
Level 2
02-28-2024
07:11 PM
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I have a Roth IRA scenario.
A 64 age client accidentally withdrew from her Roth IRA but immediately re-contributed the money to the same account on same day. She received 2 1099Rs. One with code T and one with code 8J. Box 1 has $7512 and box 2a has $12.
The Roth IRA account was opened less than 5 years ago.
The issue is, box 1 amount with code 8J is showing up as taxable income on 1040 line 4b, not the $12.
I reviewed the 1099 input form on Proseries and verified none of box 7 distribution codes were applied. A statement of explanation is needed, which I filled out explaining the taxpayer's situation.
Other than that, I can't find any field that might suggest taxing the correct amount.
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