@goyal_raj wrote:
yes, Box IRA/SEP/Simple is checked.
A return of an IRA contribution *for* 2019 should have the returned amount in box 1 the earnings in box 2a (or zero if no earnings) and a code 1P in box 7. That is reported on an amended 2019 tax return - only the box 2a amount will be taxable.
A 1099-R with a code 8 means a IRA contribution *for* 2020 with the returned 2020 contribution on box 1 and the earning in box 2a.
On the other hand excessive 401(k) deferrals *for* 2019 and returned in will have code P1 with only the returned deferral in box 1 and 2a that is reported on an amended 2019 tax return, but the earnings are reportable in the year returned so the 2020 1099-R with a code 8 only reports the earnings in box 1 and 2a.
You need to talk to the IRA administrator as it looks like they are reporting it as if it were a 401(k) (or similar plan) and not an IRA. The reporting rules are very different.
**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.**
