Mar 4, 2024 · You will get a 2024 Form 1099-R in 2025 with codes P and J for the withdrawal of the excess Roth IRA contribution made in 2023 plus earnings. This 1099-R will have to be included on …

Mar 3, 2025 · See: All box 7 codes for Form 1099-R. Your 1099-R from the distribution of the traditional IRA funds will say code 2 in box 7 (or code 7 if your age is over 59 ½) . For a T raditional IRA to Roth …

Feb 13, 2025 · I converted $125,000 from a traditional IRA directly to a Roth IRA. What should the appropriate distribution code be? My distribution code listed on the 1099-R is "7" which appears to …

Jun 5, 2019 · It says this Code W is a non-taxable distribution from a long term care policy. Box 8 is $321.00 and TurboTax says I owe $32.00 for this 1099-R. That is 10%. Is that a penalty even though …

Jun 7, 2019 · The code (s) in Box 7 of your 1099-R helps identify the type of distribution you received. We use these codes and your answers to some interview questions to determine if your distribution …

Code T indicates there is no penalty because an exception applies. Some financial companies use code T instead of code Q when reporting such distributions on Form 1099-R, but since you know that it …

Apr 11, 2020 · Fast forward to today (2020), and I have received my 1099-R code P. Box 1 (Gross distribution) reflects the full amount of the overcontribution to the 401k in 2018. Box 2a (taxable …

Apr 4, 2021 · I received roth ira distribution. 1099r shows it code J but it is qualified because it as all contribution, not earnings. Turbo tax is taxing it. How do I fix

Jun 3, 2019 · You use code 7 - Normal Distribution in box 7. There is not such code for 7 - Nondisability. That is something that OPM enters on the 1099-R and does not comply with the IRS approved codes …