Where to enter the 1099R Distribution Code of JP in Lacerte?

Forum|Forum|5 years ago
April 14, 2021
1 reply
12 views

My client made contributions to a Roth IRA that he was not eligible to contribute. He requested that the amount he deposited be returned to him. The fund company sent him a 1099R with the distribution code JP. I reviewed the drop down menu in Lacerte and there's no JP option. The drop down menu has the two codes separately:

J - Early distributions from a Roth IRA selection

P - Excess contributions plus earnings/excess deferrals taxable in 2019

I'm not sure which of these codes I should select or does Lacerte need to add a JP code?

Any thoughts on what I should do in this situation?

Thanks,

Lacerte Tax

This topic has been closed for replies.

Best answer by PhoebeRoberts

There are two input boxes for the code(s). Put J in the first box and P in the second box.

Except that this is a 2019 item, so you can ignore it for the 2020 return. Client should amend 2019, if the income wasn't previously picked up there.

PhoebeRoberts

Answer

Intuit Community Champion

There are two input boxes for the code(s). Put J in the first box and P in the second box.

Except that this is a 2019 item, so you can ignore it for the 2020 return. Client should amend 2019, if the income wasn't previously picked up there.

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