@taxgal428 wrote:
That is the publication and page I have been reading. I swear I will get this. I am determined.
A excess made *for* 2019 that is returned *in* 2019 would have a code 8. That is what I have however its on the 2020 - 1099-R Box 7 code 8 and their letter said it was for the 2019 401K excess contribution . What date is used for "returned *in* 2019" by - to determine the code P or code 8. Do they go by December 31, 2019 it has to be returned to me OR April 15, 2020 by the 2019 filing deadline? And I never received anything in the current or past with a code P.
Any contribution in 2019 before Dec 31 is a 2019 contribution. If returned in 2020 the 1099-R should have a code P. It must be returned by April 15 of 2020 to be returned at all. The insurer of the 1099-R did not follow IRS regulations.
The code 8 1099-R says that the excess occurred in 2020, not 2019.
**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.**
