@dongkun wrote:
I have a similar situation with excess deferral in 2019. Received the excess amount back recently, and following instructions in TT for 1099-R. In the drop down choices, Code P indicates it is for Return of contribution taxable in 2018. Is this the right code to select or do we choose Code 8, which says it is for Return of contribution taxable in 2019?
Read my post above:
"1) Enter a 1099-R with the returned contribution amount (not including earnings) in box 1 & 2a, and a code "P" in box 7. When asked what year 1099-R say 2020."
The "taxable in 2018" applies to a *2019* 1099-R, you will receive a *2020* 1099-R so the 2018 advances by a year to "taxable in 2019". (A code 8 would say that it was a 2020 excess returned in 2020 which is not the case).
**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.**
