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Old 02-25-2009, 10:07 AM
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Join Date: Feb 2009
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Change Distribution Code on 1099-R

Hello -

I mistakenly contributed more than I can afford to my Roth IRA at the beginning of 2008, and took a contribution about 30 days afterwards (contributed $4k, and withrdrew $2k). I reported the Roth IRA contribution on my 2008 taxes, in the total of $2k. I'm 25 years old, and have had the Roth IRA account for 2 years.

I received my 1099-R, and the distribution code (in box 7) was coded as J. I called the brokerage to understand why this wasn't coded correctly, and they told me it was a mistake on their end. They coded it as a standard, early, distribution; not excess contribution distribution. Since this was almost 12 months ago, the brokerage is unable to change things on their end.

I'm wondering if there is anything that I can do, to avoid the 10% fee on the distribution - or if I'm subject to the $200 penalty (10% * $2k) for contributing too much in the first place...

Thanks!



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