DawnC
Expert Alumni

Retirement tax questions

This thread is a couple of years old, so please confirm the details of your specific situation.  

 

If you over contributed in 2019 but removed it in 2020, then all you have to do on your 2019 tax return is to add the excess contribution as described in the first reply of this thread.

 

Next year, you will receive the 1099-R with the code P which you will enter on your 2020 tax return - but it will not be taxed since you are correcting the issue now by adding the excess contribution to your income on your 2019 return.   You will get a message next year that says ''you may need to amend'' but you won't need to if you add the contributions back to your income when you file your 2019 return. 

 

If your details are different, please let us know.  

@unimaginative

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"