Hello,
I am asking a related question on receiving 2019 Form 1099-R since it seems the users here are knowledgeable about this.
I made $5500 excess contribution to my Fidelity IRA account in year 2018. While preparing my 2018 Taxes I got a message from Turbotax about excess contribution and suggested to revert the contribution to avoid taxes/penalties. I called Fidelity 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'
I auto-downloaded all Fidelity Tax statements into Turborax while preparing the 2019 Taxes and got a message that I will need to amend my 2018 tax returns because of 1099-R form. Since I have e-filed my 2019 taxes already I cannot go back to find the message or instructions Turbotax may have given.
I found a 1099-R related letter from Fidelity after reversal of funds that says the transaction will be reported to IRS and I will be required to file IRS Form 5329 with my tax return. I rechecked my filed 2019 Tax Returns and found that no Form 5329 filed by Turbotax.
Please guide me what do I have to do - File 2018 Amend Tax Return with 2019 Form 1099-R/explanation OR File 2019 Amend Tax Return with Form 5329/2019 Form1099-R? I will truly appreciate your guidance here.
Thanks,
KParekh.
