TAXMAN Posted February 10, 2023 Report Posted February 10, 2023 I have a tp that brought me a 1099R with code JP in box 7 (age 59). Spouse has one also with JP in box 7. However she was disabled during past 3 years and died in 2022. Contributions to the roth's has been over a period of more than 10 years. AS I am somewhat brain scrambled, how would you report these 2 1099's? Consider that each roth basis is in excess of 57k. The withdrawal amount was less than 7k each. Quote
Lee B Posted February 10, 2023 Report Posted February 10, 2023 First I would read the IRS explanation of what a code "J" and a code "P" means and see if they make sense with respect to your client's situation. Quote
mcbreck Posted February 10, 2023 Report Posted February 10, 2023 The withdrawal is for excess contributions. The earnings are taxable. Is that what's showing up on the 1099r? box 2? Quote
TAXMAN Posted February 10, 2023 Author Report Posted February 10, 2023 Box 2 reads 0 taxable. TP and spouse did not make roth contributions in 2021. Income 2 high. Will try to touch base with broker to determine why this was even done. J indicates roth and p indicates excess contributions which does not appear to be any. 1 Quote
kathyc2 Posted February 10, 2023 Report Posted February 10, 2023 Sounds to me like they contributed to Roth in 2021 then realized they could not due to AGI. Since most markets were down in 2022, it's reasonable that if they had less than the 7K to withdraw. Entering codes JP does not make anything show as taxable, does it? 1 Quote
TAXMAN Posted February 14, 2023 Author Report Posted February 14, 2023 FYI no updates from broker yet. Quote
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