macuser_22
Level 15
Level 15

Retirement tax questions

 

 

@psanand wrote:

 

Q1 -Do I need to amend 2019 tax return to get the basis corrected for use in 2020 tax return?
Q2 - If Yes, please, please provide detailed steps, how can I go back and update/Amend my 2019 Tax Return
Q3 - Once I get that corrected and see form 8606 generated for 2019 tx return, do I need to file full amended tx return or I can just file form 8606 only (with 1040-X as I saw someone suggested that)?

I am hoping this will correct my 2020 tax return situation, where I am getting this 7K considered as IRA distribution and making it a taxable amount.

Your help is much appreciated.

 


Yes.  On a 2019 return it is entered this way.

The "Choose not to deduct" will  not appear if your AGI is too high for deduction.

 

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**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.**
‎March 17, 2021 9:09 PM
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