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Get your taxes done using TurboTax
I have basically the same problem for IRA but TurboTax is telling me I need to amend my 2019 return?? In 2019 I made a $6000 nondeductible excess IRA contribution but got it returned in February 2020 before I filed my 2019 return, along with about $300 in taxable earnings on that amount. My 2020 Form 1099-R correctly reports only the $300 as taxable (Code P in Box 7). But TurboTax is telling me to amend my 2019 return rather than report the $300 on my 2020 return. I tried to use TT 2019 to do an amended return but it won't allow me to enter my 2020 1099-R into the 2019 software. It seems like a lot of trouble for $100 of tax.
‎January 24, 2021
3:37 PM