- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
1) No, you do not need to amend your 2020 tax return for Form 1099-R with code R. A Form 1099-R with code R will do nothing to your return. You can only report it as mentioned above. Your 2020 Form 8606 should have a $6,000 basis on line 14. The gains are treated as earned in the traditional IRA and are not part of the basis.
2) Yes, you will enter your $6,000 nondeductible traditional IRA contribution for 2021 on your 2021 tax return with the steps above. You will enter your $6,000 basis from your 2020 Form 8606 line 14 when TurboTax asks for prior nondeductible contributions.
3)You will enter your Form 1099-R (code2) as shown with the distribution of $13,975 with the steps above.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎April 13, 2022
10:34 AM