Code pj on 1099-r

So I withdrew all the contributions and their earnings, however now I've received a R showing the codes 'PJ'.

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Code pj on 1099-r

Post by worthit » Tue Feb 21, pm. Post by toddthebod » Tue Feb 21, pm. Post by Alan S. Post by worthit » Thu Feb 23, am. Privacy Terms. Time: 0. Quick links. Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills. There were no gains only loss. But wondering what this code "PJ" means and if I should be handling this in a specific way as far as reporting, filing etc. Re: R has Code PJ with no taxable amount - what does this mean? Post by worthit » Tue Feb 21, pm Alan S. Post by worthit » Thu Feb 23, am Alan S. With nothing in Box 2a there is no income to report for , and there is no deduction for the loss.

I'm curious why any of this would be taxable seeing it was contributed with after tax dollar as Roth's are. The distribution carries to Formline 15 or 16, but read code pj on 1099-r following note. Get started.

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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

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.

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If the distribution code entered is "W" or "W6", the distribution is treated as a charge or payment for purchasing qualified long-term care insurance contracts and are excludable from gross income under section 72 e See the explanation under Distribution code "1", "2", "4", "7" and "8" for the treatment of Distribution code "B1", "B2", "B4", "B7" and "B8". Copy To Clipboard. Do you have a TurboTax Online account? Please see How do I amend my return? Caution : The taxable amount field should be left blank. P would mean it's taxable in the prior year. View solution in original post. Credits and deductions. Turn off suggestions. Distribution Code 7 If the distribution code entered is "7" or "7K", the distribution is treated as a normal distribution from a pension or IRA. Quick links. If the distribution code entered is "4P" the distribution carries to Form , line 15 or 16 as a pension or IRA distribution, but read the following caution. Distribution Code Q If the distribution code entered is "Q", the distribution does not carry to Form but instead carries to Form as an IRA distribution with the gross distribution carrying to line 15a and the taxable amount equal to zero.

Post by furwut » Thu Mar 02, pm.

Discover TurboTax Watch videos to learn about everything TurboTax — from tax forms and credits to installation and printing. 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? Per the federal instructions, the distribution should be taxed in the year the contributions were made. Otherwise, the Form is not prepared. Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills. Continue or Find out more. Enter a search word. I was just given the option to see the final forms prepared by TurboTax, which would be e-filed. Yes, you will have to amend your tax return when you have a Form R with codes PJ since the earnings are taxable in 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. Modal title. Distribution Code 4 If the distribution code entered is "4", "48", "4K" or "4L", the distribution carries to Form , line 15 or 16 as a taxable pension or IRA distribution. 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. No guarantees are made as to the accuracy of the information on this site or the appropriateness of any advice to your particular situation. Basically, until basis is recovered it's not taxable.