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Get your taxes done using TurboTax
@romeshdaisy wrote:
OK thanks for sharing your experiences.
DOES IT NOW MEAN THAT I NEED NOT SHOW THE EXCESS DEFERRAL RECEIVED IN MARCH 2020 AS ADDITIONAL INCOME IN 2019 RETURN? AND THAT I CAN SHOW IT AS ADDITIONAL INCOME IN 2020 RETURN AFTER I RECEIVE 1099R IN EARLY 2020???
Whether it gets reported on your 2019 or 2020 tax return depending on what code the payer puts into box 7 on the 1099-R that you will get in 2021. You might just need to wait for the 1099-R to find out if it gets reported on an amended 2019 return (if it is code P) or 2020 (if code E).
**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.**
‎July 10, 2020
2:21 PM