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Retirement tax questions
Yes, you need to amend your 2019 tax return to include the Form 1099-R 2020 because of the code P. Please see How do I amend a 2019 return in TurboTax? on instructions how to start your 2019 amended return. You will have to send the Form 1099-R, Form 1040X, and any Forms that changed: 5329, Schedule 2 and the new 1040.
The IRS states:
"You must include in your gross income the interest or other income that was earned on the excess contribution. Report it on your return for the year in which the excess contribution was made. "
Therefore, the earnings on the 2019 excess contribution have to be reported on your 2019 return.
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March 9, 2021
6:20 AM