@hkc wrote:
Hi:
If my Excess contribution had a loss, how would I report this loss with a make up 1099R in my 2020 tax so I don't have to file amended tax next year? Or would I have to file amended tax if my 2022 1099R on this Excess refund if I have a loss? If I don't have to file amended tax return next year because of the loss, I'd like to skip trying to make up a 1099R to include it in this year's tax filing of 2020Tax.
Thanks,
If this is a Roth IRA then the 1099-R you receive would have the returned amount in box 1 and a 0 (zero) in box 2a with a code PJ in box 7. Only the box 2a amount (zero) would be taxable. You can report it on your 2020 tax return just to show the IRS that there is no tax to pay or just ignore it.
**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.**
