Code pj on 1099-r

Post by worthit » Tue Feb 21, pm. Post by toddthebod » Tue Feb 21, pm. Post by Alan S.

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Code pj on 1099-r

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. Tax Materials, Inc. Login or Sign Up. Logging in Remember me. Log in. Forgot password or user name? Posts Latest Activity Photos. Page of 1. Filtered by:.

To provide feedback on this solution, please login. So a R showing a code P would get reported on a amended return.

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.

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.

Code pj on 1099-r

Post by furwut » Thu Mar 02, pm. Post by Easy Rhino » Fri Mar 03, am. Post by furwut » Fri Mar 03, am. Post by Alan S. Privacy Terms. Time: 0. Quick links. Confused by R with code s PJ Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills. After consultation with Vanguard we removed the excess contribution no earnings as I actually had a net loss prior to filing my return. I was told after doing this there would be no tax consequences for

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Distribution Code F If the distribution code entered is "F", the distribution carries to Form , line 16 as a pension distribution. Use your Intuit Account to sign in to TurboTax. If the distribution code entered is "G" or "GK", the gross amount of the distribution carries to Form , line 15a or 16a and the taxable amount is considered zero unless specifically overridden. 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. Distribution Code R If the distribution code entered is "R", the distribution carries to Form , line 15 or 16 as a pension or IRA distribution, but see the following note. If the Form is desired, an entry must be made in the "Form code" field under the Retirement Plan Taxes section. Basically, until basis is recovered it's not taxable. Log In Register. So what should I do about this? I'm curious why any of this would be taxable seeing it was contributed with after tax dollar as Roth's are. If the distribution code entered is "BG", the gross amount of the distribution carries to Form , line 16a and the taxable amount is considered zero unless specifically overridden. Originally posted by Matt Sova View Post. The distribution carries to Form , line 15 or 16, but read the following note.

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.

If the distribution code entered is "7" or "7K", the distribution is treated as a normal distribution from a pension or IRA. After tax Dollars? Page of 1. Since this is a qualified distribution, the Form is not necessary and the earnings are tax free. Showing results for. Distribution Code R If the distribution code entered is "R", the distribution carries to Form , line 15 or 16 as a pension or IRA distribution, but see the following note. Enter a search word. Re: R has Code PJ with no taxable amount - what does this mean? Make a post. Likely explanation I've had the "PJ" code before