Current year 1099R shows incorrect distribution for 2020. How to correct this?

[nbtax55]

You mean, I need to amend 2020 taxes to correct wrong distribution?

[Hal_Al]

You need to clarify what's going on.  The current year (2021) 1099-R does not usually show any info about the prior year (2020) distribution.

That said, From the IRS instructions: If the 1099 form is incorrect or has been issued in error, contact the payer. If you cannot get this form corrected, attach an explanation to your tax return and report your income correctly.

[SteamTrain]

Maybe the following display in the "Online" software?

1)  Last year might, or might not include the 3-yr breakdown of any Cares act distributions...Not sure how the software writers chose to deal with those.

2) IF way too high for 2020, Rollovers from one retirement account to another might show the total distribution before the rollover, and not the final taxable amount.  

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[RobertB4444]

Check your 2020 form 1040 to see what amount from your 1099-R was actually taxed.  Look on your 1040 at line 4b and 5b to see the IRA distributions that were actually taxed in 2020.