Solved
Do I have to amend my 2020 return for $.32 in taxable income? (Yes, that's 32 CENTS)
I received a 1099-R because I over-contributed to my IRA in 2020. They reimbursed my $8.32 (32 cent profit I suppose) and I received a 2021 1099-R that shows the $8.32 in block 1, $0.32 taxable amount in block 2, and a JP code in block 7. TurboTax is telling me I need to file an amended 2020 return based on this 1099-R. I understand the principal I suppose. But am I really required to file an amended 2020 tax return for a $.32 income adjustment? Wouldn't the software just round that to $0 anyways? If it is a 2021 1099-R, why is not just included in my 2021 income?
Thanks in advance...
