@xiaolwu wrote:
I entered it as Miscellaneous Income last year. Just to clarify, you are saying I don't have to enter the 1099R with the code P at all this year, but I think I just saw a screenshot from Turbotax saying I should still enter it even if I paid last year (it just won't be taxed again)? If I enter it again, would IRS think I didn't pay the tax owed on it? Or would they just know that I have already paid? I hope my question is clear.
Thank you so much
Correct. You do not enter it in 2019 - that was the whole point of adding the income last year - so you would not need to amend 2019i when the 1099-R came.
As I probably instructed last year - ONLY if there was tax withholding in box 4 on the 1099-R with the code P would you enter that into 2020 to get the credit for the tax withheld otherwise 2020 will ignore the code P.
**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.**
