Hello
My spouse made excess deferral to 401K accidentally in 2019. This was from the job switch in September of 2019. We already informed the new employer in January 2020 and the employer paid back this excess contribution back in March 2020.
While filing 2019 taxes, someone advised us to not wait for a 1099-R next year that will probably require you to amend your 2019 tax return to report the excess on line 1 of your tax return - but enter it on 2019 return in TurboTax and then ignore the 2020 1099-R with a code P in box 7 when it comes. So, I did that and as part of my 2019 return, and entered this excess distribution and marked 8 in box 7.
Now, in 2021, I got official 1099-R for 2020 with that amount and instead of code P, it has 8 again on box 7.
Should I disregard/ignore this 2099-R (2020) since I already filed this last year?
Thank you
Someone said I would get 1099-R with P code in box 7- but instead we got 1099-R with with 8 in box 7.
