carolynm Posted April 3, 2010 Report Share Posted April 3, 2010 My client made a ROTH IRA contribution in 2008 but it turns out her income was over the threshold. She withdrew the excess before the deadline for filing a 2008 tax return (including extensions). She has received a 1099-R with Codes JP -I inputted it and it's getting included in taxable income. Should I not be inputting this slip because it was a ROTH? On the 1099-R summary it's showing up on the excess contribution line P and J-early distribution no known exception. Am I missing a checkbox somewhere? Quote Link to comment Share on other sites More sharing options...
Lion EA Posted April 3, 2010 Report Share Posted April 3, 2010 Is the 1099 dated 2008 or 2009? Quote Link to comment Share on other sites More sharing options...
carolynm Posted April 3, 2010 Author Report Share Posted April 3, 2010 2009... Quote Link to comment Share on other sites More sharing options...
LindaB Posted April 5, 2010 Report Share Posted April 5, 2010 My client made a ROTH IRA contribution in 2008 but it turns out her income was over the threshold. She withdrew the excess before the deadline for filing a 2008 tax return (including extensions). She has received a 1099-R with Codes JP -I inputted it and it's getting included in taxable income. Should I not be inputting this slip because it was a ROTH? On the 1099-R summary it's showing up on the excess contribution line P and J-early distribution no known exception. Am I missing a checkbox somewhere? According to the instructions for form 8606 this should go on the 2008 return. Contribution would not be taxable but earnings would be, and also subject to the 10% penalty it taxpayer was not 59 1/2. Quote Link to comment Share on other sites More sharing options...
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