Question

2021 Form 1099-R distribution code J, remove excess contribution but penalized for 10% early withdrawal

Forum|Forum|4 years ago
February 5, 2022
2 replies
0 views

I made a $6000 contribution to my Roth IRA account in 2020 before realizing I was not allowed to because I made more than the minimum. So I withdraw the money with a small gain to my brokerage account before submitting my 2020 ITR. This year I received the 2021 form 1099-R with a distribution code J even though I withdrew the money fromy Roth IRA account before the deadline.

How do I fix this on the TurboTax program? Thanks!

TurboTax Home & Biz Windows

F

FangxiaL

Please clarify: Did you let the brokerage know that it is a withdrawal of excess Roth IRA contribution?

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

D

dmertz

Employee

Code J (along with no other code) reports an ordinary early distribution, not a return of contribution. An ordinary distribution generally does not correct an excess contribution.