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Level 2
Mar 14, 2023 6:00 PM UTC
Solved

1099-R and Amended Return

Do you need to amend a prior year return for a 1099-R related to an excess contribution with no taxable amount? 

 

For context, I overcontributed to my IRA in 2021.  However, the excess contribution was returned to me less the $95 loss prior to filing the 2021 return.  Nothing was reported on my 2021 return since the excess had been received back prior to filing.  In 2022, I received a 1099-R; when I use it to amend the return it shows no change in adjusted gross income (give there is no taxable income for the distribution).  Do i just send the 1040X with no change in taxes, the 1099-R and an explanation statement to the IRS?

    MinhT1Answer
    Alumni - Intuit
    Mar 14, 2023 6:16 PM UTC

    You do not need to amend your 2021 return when you receive the 2022 1099-R reporting the return of the excess contribution, as it has been dealt with in 2021. The form 1099-R should have code P in box 7.

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    2 replies

    MinhT1Answer
    Alumni - Intuit
    Mar 14, 2023 6:16 PM UTC

    You do not need to amend your 2021 return when you receive the 2022 1099-R reporting the return of the excess contribution, as it has been dealt with in 2021. The form 1099-R should have code P in box 7.

    **Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"
    hemmeeAuthor
    Level 2
    Mar 14, 2023 6:31 PM UTC

    Thank you. It shows code P in box 7 as you mention.