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Level 5
April 7, 2024

1099-R code PJ

  • April 7, 2024
  • 1 reply
  • 10 views

2022 put 7000 in Roth, but not eligible.  Remove Roth prior to filing.  2023 Received this 1099-R coded PJ showing taxable return and early withdrawal.  Did not include anything on 2022 return.  Anything need to be amended to show not taxable and not early withdrawal?

 

    1 reply

    qbteachmt
    Level 15
    April 7, 2024

    Should be P and 8. Earnings are taxable, of course.

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    ColmattAuthor
    Level 5
    April 7, 2024

    In this case there were no earnings, losses actually.  In other cases, we put any earnings in the year overfunded.   What to do about wrong code?