Question

Roth IRA excess contribution 1099-R contains only code J in box 7

Forum|Forum|2 years ago
March 8, 2024
1 reply
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I made an excess contribution for my Roth IRA for the tax year 2022 and then took out the excess contribution in 2023 with a request to my custodian that it was an excess contribution. My 1099-R was sent for this tax year referring to that excess contribution that was taken out and it only has Code J in it which only specifies this is an early distribution. My custodian has acknowledged that this was indeed requested as an excess contribution removal but is firm on the 1099-R being correct with only code J. Entering this into TurboTax, it doesn't seem to be giving me the right options for labeling that this was an excess contribution. Instead it seems to be routing me to label this as a removal of deposited funds (it's asking me how much I've deposited into the Roth IRA since its inception).

AmyC

Employee

Since the form has a code J, it is not required to be entered unless it shows tax withheld. A code of P will tell the program to ignore the form. If you corrected your 2022 return and showed the excess as removed, you are done. Otherwise, you need to amend your 2022 return to remove the excess contribution. See these instructions for excess Roth contributions.

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