Question

Form 1099-R , Code PJ, Taxable Amount

Forum|Forum|2 years ago
February 5, 2024
1 reply
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Last year I over-contributed to my Roth IRA and withdrew the original contribution + earnings, and filed a Form 5329. This year I received a 1099-R with Code PJ. If the taxable amount in box 2a is $0, do I still need to file an amended return?

M

MinhT1

No. You don't need to amend your 2022 tax return.

Just enter your 1099-R on your 2023 tax return. There should be no additional taxation. Code P means Excess contributions plus earnings/excess deferrals (and/or earnings) taxable in 2022.

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J

jservinAuthor

I also have a code J. When I attempt to submit it, it informs me I may need to amend my return. There is a $ amount in the distribution box. I actually ended up at a loss instead of a gain and took out less than I put in.