WEK
Level 2

Retirement tax questions

I have this situation as well and wanted to confirm that I should wait to include the earned income and the associated withheld FIT when the 1099-R is generated which will require an amended return since these type of 1099-R forms are generated usually in January.  I have no 1099-R form to support the recognition of the passive earned income that was transferred back to my taxable account from my IRA account, thus the need for an amended return. I returned the net earned income and the contribution of 7000 back to my taxable account prior to the deadline for filing the 2020 tax return, now May 17th.

 

Thanks

WK