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Retirement tax questions
Thanks for your input
1) In the absence of 1099-R do I need to report the excess contributions on 2019 tax return without any entry that should that excess was removed ? In this case I will get penalized for excess contribution?
2 ) please suggest do I need to make any adjustments in 2019 W2 amount in “turbotax“ ( for my S corp’s W2)to avoid a penalty for excess contribution since actually the money was withdrawn before April 2020.
3) Please confirm in the absence of 1099-R What amount should be reported in 2019 tax return in turbotax.
is there any alternative to avoid filing the amendment?
Thanks
July 12, 2020
4:56 AM