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Do I need to Amend my return for 2019 -
I made an excess contribution to my IRA in 2018 and removed the excess amount prior to filing the 2018 return. I was told by the bank at the time, to create a 2018 1099R to account for that and pay the tax - which I did. The bank sent me a 2019 1099r showing the transaction. Do I need to amend my return to include the 1099r and if so - how do I make sure that it doesn't look like a duplicate.
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Do I need to Amend my return for 2019 -
No, you do not need to file the amendment if you reported the 2018 1099-R on your 2018 tax return. When you enter the 2019 1099-R on this tax return, it should not show as taxable (the codes in Box 7 will ensure this). You will get a message that says ''you may need to amend your tax return'' but you can ignore it as you were proactive and reported the transaction on the correct tax return (20018).
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Do I need to Amend my return for 2019 -
What are the codes in Box 7?
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Do I need to Amend my return for 2019 -
2019 - 1099R from the Brokerage house - is P return of 2018 contribution
The one I created also has P - It also has a x in the box for it being for 1099R for 2019
Thanks -
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Do I need to Amend my return for 2019 -
@MT2019 wrote:
2019 - 1099R from the Brokerage house - is P return of 2018 contribution
The one I created also has P - It also has a x in the box for it being for 1099R for 2019
Thanks -
If the same as what you already reported on you 2018 tax return then just ignore it. Not having to amend 2018 when you received the 2019 1099-R with the code P was the reason for created a dummy 1099-R in 2018 in the first place.
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