What year in on the 1099-R? If a 2020 1099-R then the code "8" says that this was a return of a 2020 contribution made *in* 2020 *for 2020, not a 2019 made *in* 2020 *for* 2019 - that would require a code "PJ".
Perhaps it was supposed to be a 2019 contribution but the financial institution posted to for 2020 instead.
This would be reported on the 2020 tax return and result in no tax or penalty.
**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.**
