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Retirement tax questions
Thanks for responding Macuser_22.
Let me clarify:
1. I will enter the 1099-R on the 2020 tax return and it will appear income under Wages - got it!
2. Amend the 2019 and add $2933 as nondeductible contribution and mail it in the IRS. - got it! Do know if I have to send in the entire tax return or just the Form 8606?
Now for the 2020 tax year, I again had 401K excess contribution of $4500 that they paid back to me in March of 2021 and I put that into the same Traditional IRA account. Since my income is over the limit and I am covered on 401K work, wouldnt I include the $4500 on the 2020 Form 8606 line 1 as nondeductible contribution?
Thanks again for taking the time to answer my question and my follow up questions.
May 5, 2021
12:19 PM