1099-R (2024) with PJ distribution code - turbotax is telling me to amend 2023. I want to verify why/whether this is needed.

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March 19, 2025
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1099-R (2024) with PJ distribution code - turbotax is telling me to amend 2023. I want to verify whether this is needed. I had excess Roth IRA contribution for 2023, which I subsequently had my broker withdraw (requested before tax deadline, but seems to be processed afterwards). As a result, on my 2023 tax return I did NOT put down the excess Roth IRA contribution. Some additional details is that there's 500$ taxable income income and 50$ federal tax withholding on the 1099R. Do I still need to amend my 2023 tax return? If I do, what parts would I amend exactly? & Would I also need to put the 1099R on my 2024 taxes? Thank you.

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DanaB27

Yes, you will have to amend your 2023 tax return to report the earnings on your 2023 return.

On your 2023 tax return:

Click on the "Search" on the top right and type “1099-R”
Click on “Jump to 1099-R”
Enter the 2024 Form 1099R
On the "Which year on Form 1099-R" screen say that this is a 2024 Form 1099-R.
Click "Continue" after all 1099-R are entered and answer all the questions.
Continue until "Did you use your IRA to pay for any of these expenses?" screen and enter the amount of earnings under "Corrective distributions made before the due date of the return".

Please be aware, code P will say in the drop-down menu "Return of contribution taxable in 2022" but you can ignore that since the follow-up question will tell TurboTax that it will be taxable in 2023.

You also have to enter the 2024 Form with code PJ on your 2024 tax return since you had taxes withheld. The withholdings are reported in the year that the tax was withheld. The 2024 code P will not add anything to your income on your 2024 tax return but the withholdings will be applied to 2024.

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welovedoingtaxesAuthor

Hi thanks for the response. Do you know whether I need to amend both the 2023 federal and state tax returns?

ThomasM125

The state return would need to be amended as well to see if there is a tax liability as the income would likely be taxable on the state return if taxable on the federal return.

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