No, you do not need to amend your 2019 return since you reported the recharacterization on your 2019 return. You can ignore the 1099-R with code R. @ yj44442
@Anonymous:
Please try these steps to delete the amount paid with extension:
- Click “Deductions &Credits” on the top
- Scroll down to "Estimates and Other Taxes Paid" and click "Show more"
- Scroll down to “Income Taxes Paid” and click “Start”
- You will see "Payments with Extension" and be able to edit amounts.
On line 2 of Form 5329 are the exception amounts entered that are not subject to the 10% early withdrawal tax. Only you will enter an amount in Line 2 because you are over 591/2 you have an exception. You will enter $518.44 and the code is 12.(on line 1 you will have $518.44 from box 2a as well). Therefore, your line 3 will be $0 and your penalty tax will be $0.
Yes, you will have to file State Schedule AMD, Explanation of changes on Amended Return.
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