DanaB27
Expert Alumni

After you file

Yes, if your 1099-R has to codes J and P in box 7 then you will have to amend your 2019 tax return. P stands for "Excess contributions plus earnings/excess deferrals (and/or earnings) taxable in prior tax year". Please see How do I amend a 2019 return in TurboTax?.

 

The IRS states:

 

How to treat withdrawn interest or other income 

You must include in your gross income the interest or other income that was earned on the excess contribution. Report it on your return for the year in which the excess contribution was made. 

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