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Returning Member

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.

4 Replies
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Employee Tax Expert

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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Employee Tax Expert

Do I need to Amend my return for 2019 -

What are the codes in Box 7? 

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Returning Member

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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Level 15

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.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**