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Retirement tax questions
@adlamo wrote:
another related but different question (for past years):
Let's say I receive a 2019 1099-R for excess contribution removal with a taxable gain (box 2a has positive number) and code PJ, this means the taxes apply to 2018 and I must ammend my 2018 taxes to add the form. Am I correct that I DO NOT also enter that form into my 2019 taxes? Basically, the tax form should only be entered for 2018 taxes only, right?
That is correct. A 2019 code PJ can only be reported on an amended 2018 tax return and the earnings in box 2a will be taxable. A 2019 tax return will just tell you to amend 2018 and do nothing else.
**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.**
‎April 4, 2020
9:05 AM