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Do you need to file an amended return when receiving 1099-R?
Received a 1099-R in 2020. Been using TurboTax online for years. Here's the sequence of events:
1. Contributed to a Traditional IRA in 2019.
2. In early 2020, before filling 2019 taxes, recharacterized traditional IRA to roth IRA.
3. Before April 2020, filed 2019 taxes. 2019 taxes did not list Traditional IRA contributions. Line 4a was blank therefore no deductions taken. There was a additional/supplemental sheet attached to 2019 taxes explaining reason for characterization (reason provided by me, worksheet generated by TurboTax)
4. Received a 1099-R in year 2020 (because recharacterization was done in 2020).
Do I need to file an amended 2019 tax return?
1. Contributed to a Traditional IRA in 2019.
2. In early 2020, before filling 2019 taxes, recharacterized traditional IRA to roth IRA.
3. Before April 2020, filed 2019 taxes. 2019 taxes did not list Traditional IRA contributions. Line 4a was blank therefore no deductions taken. There was a additional/supplemental sheet attached to 2019 taxes explaining reason for characterization (reason provided by me, worksheet generated by TurboTax)
4. Received a 1099-R in year 2020 (because recharacterization was done in 2020).
Do I need to file an amended 2019 tax return?
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March 20, 2021
11:19 AM