Code pj on 1099-r

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So I withdrew all the contributions and their earnings, however now I've received a R showing the codes 'PJ'. TurboTax is advising me that I need to file an amendment for the tax filing that I filed last year and include this R in that amended tax filing. Filing an amendment is a hassle which I've never done before as well , so is there any way to avoid doing that?? Can I not just include this R in this the tax return that I'm preparing now, and perhaps include a letter of explanation? Also, if I absolutely have to file tax filing amendment, and I include this R in that amendment, then do I still include this R in the tax filing that I'm preparing now? Yes, it seems that the excess contribution got carried over.

Code pj on 1099-r

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All topics. See the explanation under Distribution code "4" for the treatment of Distribution code "H4". Did the information on this page answer your question?

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Code pj on 1099-r

Should a separate r form with code 8 been received? Report the box1 amount as taxable income in on Schedule 1 other income; and not entering the actual r form as received. It sounds like your client removed excess contribution to an IRA. Box 2b sounds like the earnings which if earned in you would have to amend to add the earnings. It's not Other.

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I hope this info helps! Discover TurboTax Watch videos to learn about everything TurboTax — from tax forms and credits to installation and printing. File your taxes, your way Get expert help or do it yourself. Distribution Code U If the distribution code entered is "U", the gross distribution carries to Form , line 16 as a pension distribution. The " contributions" and earnings are then removed before the tax return is submitted. Visit our online support to submit a case. Login and password Data and security. We'll help you get started or pick up where you left off. If the distribution code entered is "18" or "1K", the taxable amount of the distribution carries to Form , line 15 or 16 as a pension or IRA distribution. There is one exception - if you received a savers credit on Form based on the excess contribution, you will have to amend to remove the contribution from line 1.

This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information.

Please note that I'll be filing my return amendment in the next few weeks, which will include these Rs too in any case. If the Form is prepared due to other early distributions, this entry also carries to that form. Sign in to Turbotax and start working on your taxes Sign in. But wondering what this code "PJ" means and if I should be handling this in a specific way as far as reporting, filing etc. Okay so I have the R's in my return, even though they're applicable for the tax year, however I now have a concern: I'm currently at the stage where I've paid for the TurboTax filing service but have not actually e-filed yet. I'm concerned here because this section of the form says: "Complete this part if you contributed more to your Roth IRAs for than is allowable or you had an amount on line 25 of your Form If the distribution code entered is "4B" or "4D", the distribution carries to Form , line 16 as a taxable pension distribution. If the Form is desired, an entry must be made in the "Form code" field under the Retirement Plan Taxes section, but read the following caution. Such normally relates to too much overall income and related Roth restrictions. The distribution carries to Form , line 16a and the taxable amount is considered zero unless specifically overridden. So if the preparer believes this is a qualified distribution and the distribution is not subject to tax, they need to use code "Q" instead. File your taxes, your way Get expert help or do it yourself. Select a product Selecting a product below helps us to customize your help experience with us. Visit our online support to submit a case. Otherwise, the Form is not prepared.