@karatechop79 wrote:
Thank you ... I'd like to clarify, so even though almost all of the earnings took place in CY2020, I will assign those earnings to my 2019 taxes, is that right?
Also, I was under the assumption that I needed to amend my 2019 taxes by Oct 15 2020 ... it sounds like that is not the case, and I will have to wait until Jan 2020 at the earliest to amend, is that correct?
#1 - Yes. The earnings are attributed to the tax year that the contribution was for (2019) nothing gets reported on your 2020 tax return.
#2 - You have 3 years to amend 2019 from the filing date. The Oct 15 date is the latest that a 2019 contribution could be returned without a penalty assuming that you filed for an extension (or filed your 2019 tax return) before July 15.
**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.**
