@romeshdaisy wrote:
Thank you for explaining.
Actually I just talked to the plan administrator and he said that when we get the 2020 1099R (should be received in first quarter of 2021), it would have code 8 in box 7.
I AM FILING MY 2019 TAX RETURN IN A DAY OR TWO (BEFORE THE JULY 15TH DEADLINE OF COURSE!)
JUST TO REFRESH MY INFO AGAIN, I HAD RECEIVED THE 2019 EXCESS DISTRIBUTION CHECK OF $12,000 WELL BEFORE 15TH APRIL 2020.
SO DO I IGNORE THIS DISTRIBUTION WHILE I AM FILING MY 2019 RETURN NOW? WOULD I THEN NEED TO SHOW IT IN 2020 RETURN THAT I WILL FILE IN 2021 (BASED ON 2020 1099R WITH CODE 8 IN BOX 7 THAT I EXPECT TO RECEIVE IN EARLY 2021).
Thanks in advance.
A code 8 indicates that this is a *2020* excess, not a 2019 excess so nothing goes on the 2019 tax return at all.
**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.**
