- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
No, a P code on a 1099-R 2021 received in spring 2022 belongs on the 2020 tax return.
If you had taken the excess contribution plus earnings out in 2020 then you would have gotten a 1099-R 2020 in spring 2021 with codes J and 8 and it would go on your 2020 tax return
The IRS states:
"How to treat withdrawn interest or other income.
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."
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
March 15, 2021
10:03 AM