I contributed $6000 to a traditional IRA account on $12/31/2020. Then $6105.43 was returned back to me on 1/7/2021. I received a 1099-R form on 1/14/2022.
When I was preparing my 2021 tax return with turbotax, I was asked the question below after importing the 1099-R form.
Which Year on Form 1099-R? Look at the Year on Form 1099-R, Does it show 2021 or 2002 (Note: The year on your 1099-R will not necessarily be the year in which the contribution was made.)
if I chose 2021: It looks like you may need to Amend your 2020 Return. Here is why: Your 1099-R reports earnings on a contribution you made in 2020. This information needs to go on your 20202 return. If you have already filed your 2020 return, then you'll need to amend it.
What exactly do I need to do to amend my 2020? How do I report this 1099-R to IRS, on 2020 or 2021 tax form?
Below are a few details on the 1099-R form
Box 1 (Gross Distribution) 6105.43)
Box 2a (Taxable Amount) 105.43
Box 7 P1 (P-Return of contribution taxable in 2020, 1-Early Distribution) IRA/SEP/SIMPLE box checked
