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Retirement tax questions
Hello,
I am asking a related question on receiving 1099-R since it seems the users here are knowledgeable about this.
I made $5500 contribution to my IRA account in year 2018. I am US citizen living outside the country and I have no W-2 income in USA. While preparing my 2018 Taxes I got a message from Turbotax that I am not allowed to contribute to IRA account and I should revert the transaction.
I called my IRA company immediately and reverted the transaction and got the money out of my IRA account.
I have received a 2019 Form 1099-R with Box1= 6044.04 and Box 2a = 544.04 and Box 7(Distribution Code) = P1, IRA/SEP/SIMPLE is marked 'X'
While I was preparing the 2019 Taxes with TurboTax I got a message that I will need to amend my 2018 tax returns. Since I have filed my taxes for 2019 I cannot get back to reviewing it or re-checking the message or any instructions that Turbotax may have given.
Please guide me what do I have to do. I will truly appreciate your guidance here.
Thanks,
KParekh.