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1099R with code J P

Forum|Forum|1 year ago
March 1, 2025
3 replies
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Have a client with 2 Forms 1099R with code J P for distributions from a Roth account. I have entered the basis of the contributions so that $6,000 is not taxed. However, the earnings of $593 should be subject to tax. ProSeries Professional is not handling this correctly. It shows that no earnings from the Roth as being subject to tax. Any ideas of how to correct this?

ProSeries Professional

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Best answer by TaxGuyBill

@gparch1 wrote:

1099R with code P

However, the earnings of $593 should be subject to tax.

Have you looked at what code "P" means?

You may have an amended return in your future.

Level 15

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Slava Ukraini!

Level 15

What was the tax year for that contribution? When was it returned as excess or ineligible?

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TaxGuyBillAnswer

Level 15

@gparch1 wrote:

1099R with code P

However, the earnings of $593 should be subject to tax.

Have you looked at what code "P" means?

You may have an amended return in your future.

Level 4

Thanks for the reply. I understand now.