DanaB27
Expert Alumni

Retirement tax questions

Yes, you are correct the excess contribution + earnings were for the 2019 year, and therefore you would need to file that information for the 2019 tax return.

 

You will receive the 1099-R in 2021 and the form will say 2020 on it but because of the P-code will be taxable in 2019. Therefore you have two options:

 

  • Create the 1099-R in your 2019 tax return like DianeC958 mentions above. Then you can ignore the 1099-R when it comes in 2021 and you file your 2020 taxes. The only exception would be if form 1099-R shows federal withholdings then you would still need to enter it on your 2020 tax return.
  • Not create a 1099-R right now and wait until you get the actual form 1099-R in 2021. Once you get the form then you will have to amend your 2019 tax return to include it.
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