@xiaolwu wrote:
Hi,
I had an excess contribution to my 403B in 2019, so when I filed my tax last year, I put in the return of excess contribution for 403b under other misc. income. TurboTax took it and I paid tax on the amount. This year I just received my 2 forms of 1099R with a code P and a code 8. Do I still need to enter both in Turbotax or can I just ignore the one with the code P? I don't want the IRS to think I still need to amend my tax for 2019 when I don't really have to.
Thank you
@macuser_22 Could you help with this since I followed your direction on how to enter that excess contribution last year? Thank you
If you entered it last year and the box 1 amount on the code P was on the 2019 1040 line 1 then you can ignore the code P this year since you already reported it.
The 2020 1099-R with a code 8 is reporting the amount of taxable earnings that are taxable in the year returned - 2020. It must be reported on your 2020 tax return.
**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.**
