Retirement tax questions

You will receive a 2020 1099-R reporting this that should be entered in an amended 2019 tax return.  However, only any gain shown in box 2a would be taxable.  If there was a loss and less was returned than your contribution then there would be no reason to amend since it would not change anything.

 

Losses in a IRA are not deductible and not reported anywhere.

 

**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.**