dmertz
Level 15

Retirement tax questions

This Form 1099-R appears to be incorrect.  Only the amount of the excess deferral should have appeared on the code P Form 1099-R, which you have already reported on your 2018 tax return.  You should have received a separate code 8 2019 Form 1099-R for the earnings distributed that need to be reported on your 2019 tax return.

 

(Earnings should only appear on a code P Form 1099-R if the distribution was from an IRA, indicated by the IRA/SEP/SIMPLE box being marked, not a from 401(k).)

 

The check you received should have also have included the earnings.  Sounds like they made a real mess of this.