If you had reported the nondeductible contributions on Form 8606 on your 2018 and 2019 tax returns then you do not need to update the Form 8606 for 2018 and 2019.
Yes, the 2020 1099-R with code 1P belongs on your 2019 return. you will need to amend the 2019 return. Please see How do I amend my 2019 return?
No, you do not need to amend your 2018 taxes because of the 1099-R. That 1099-R belongs on your 2020 tax return. Please follow these steps to enter the 1099-R with code 1:
- Login to your TurboTax Account
- Click on "Search" on the top right and type “1099-R”
- Click on “Jump to 1099-R”
- Click "Continue" and enter the information from your 1099-R
- On the "Your 1099-R Entries" screen click "continue"
- Answer "yes" to "Any nondeductible Contributions to your IRA?" if you had any nondeductible contributions in prior years.
- Answer the questions about the basis and value
Part of the distribution will be allocated to the nondeductible amount (basis) and be tax-free.
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