@ADVDan wrote:
Thank you sooo much for that very detailed answer. I should be able to get it from there. This is my 2nd yr using TT. I was not aware that there must be 1098 forms for me to make a dummy with and places for me to write accompanying notes; or, is this having to be hard copy submitted now rather than electronically done? Yes, there was withholding and I do want to use your suggestion to avoid having to amend the 2020 return in 2021.
I think you mean 5498, not 1098. The 5498 just documents the deposit and is information only to you and does not go on a tax return. That form is usually not issued until May.
As I also said above, when you enter the code PJ dummy 1099-R in 2020 it will ask for an explanation where you can enter your notes.
As I said above, if there was tax withheld in 2021 the that withholding can only be applied to your 2021 tax return (the year that tax was withheld) and not 2020 (the year of the taxable earnings) which makes having withholding on a return of contributions that span tax years totally useless to pay the tax.
**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.**
