Yes, you will have to amend your 2019 tax return. Please follow these steps to enter the 1099-R on your 2019 tax return:
- Login to your TurboTax Account
- Click on the Search box on the top and type “1099-R”
- Click on “Jump to 1099-R”
- Select "I'll type it in myself" and enter your 1099-R and click "continue"
- Continue until the "Which year on Form 1099-R" screen and say that this is a 2020 1099-R.
The IRS states:
You must include in your gross income the interest or other income that was earned on the excess contribution. Report it on your return for the year in which the excess contribution was made.
@ILtaxpayer
[Edit 2/7/2021| 5:05am PST
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