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Retirement tax questions
Dmertz: I received the 2020 1099-R from the 401K company. They have reported the requested removal of access as :
1) Gross Distribution -- $2100
2a) Taxable Amount -- $100
I verified the 2019 Turbox Tax Return and confirmed that I reported excess amount of $2000 as "Less Common Income ( Miscellaneous Income) ", It show as Line Item 9b as "Excess Salary Deferral" in the Wages Salaries and Tips worksheet since I was told the TT CPA that I need to report the taxable amount of $100 in 2020.
Please let me know if I need to make any amendments in 2019 Tax Return or not?
Thank You very much!
Kevin
‎February 24, 2021
2:21 AM