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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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).
What are the codes in Box 7?
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 -
@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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