@Ventura wrote:
I have the same issue. I like to know when I receive the 1099R in 2021, what code will be in box 7.
I try this case in 2019 turbotax, assume I have excess contribution in 2018, remove the excess in 2019. I manually enter the 1099R, for box7, if I select code "8", my refund is no change. If I select code "P", then TT ask me which year on form 1099R, 2019 or 2020? If I select "2020", my refund is no change. If I select "2019", TT shows " It Looks Like You May Need to Amend Your 2018 Return".
I don't want to do the amend for prior year tax return when I report my tax return in 2021. So I like to know when I receive the 1099R in 2021, what code will be in box 7.
Is this a 2018 excess removed in 2019 or a 2019 excess removed in 2020? Your post says a 2018 contribution so if removed in 2019 you should have already received a 2019 1099-R with a code P that required that you amend 2018 to report it.
Please clarify what you did in 2020 that you are expecting in 2021?
[Note: post edited to add 2018]
**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.**
