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2020 1099-R Box 7 Code PJ - how to handle
Hi! I received a distribution for excess contributions last year (t/y 2020) for a small amount. I also received a 2020 1099-R with the gross distribution, taxable amount, and the small Fed and State Taxes withheld. Box 7 has code PJ; so far, so good.
But code "J" says the amount is *taxable in 2019*. Do I need to file an amended return for tax year 2019 against the return I filed last year (2020 for tax year 2019)? The amount that was taxed is already being withheld by T/T in my t/y 2020 return as it was electronically downloaded completely for t/y 2020 return this past week. I'm confused.
March 23, 2021
6:19 AM