You'll need to sign in or create an account to connect with an expert.
The amount shown in box 2a of this Form 1099-R is includible in income and subject early-distribution penalty on your 2017 tax return. If any amount is shown in box 4, this Form 1099-R is also reportable on your 2018 tax return because the tax withholding applies to 2018, not to 2017.
The amount shown in box 2a of this Form 1099-R is includible in income and subject early-distribution penalty on your 2017 tax return. If any amount is shown in box 4, this Form 1099-R is also reportable on your 2018 tax return because the tax withholding applies to 2018, not to 2017.
Hello,
I am asking a related question on receiving 2019 Form 1099-R since it seems the users here are knowledgeable about this.
I made $5500 excess contribution to my Fidelity IRA account in year 2018. While preparing my 2018 Taxes I got a message from Turbotax about excess contribution and suggested to revert the contribution to avoid taxes/penalties. I called Fidelity immediately and reverted the transaction and got the money out of my IRA account.
I have received a 2019 Form 1099-R with Box1= 6044.04 and Box 2a = 544.04 and Box 7(Distribution Code) = P1, IRA/SEP/SIMPLE is marked 'X'
I auto-downloaded all Fidelity Tax statements into Turborax while preparing the 2019 Taxes and got a message that I will need to amend my 2018 tax returns because of 1099-R form. Since I have e-filed my 2019 taxes already I cannot go back to find the message or instructions Turbotax may have given.
I found a 1099-R related letter from Fidelity after reversal of funds that says the transaction will be reported to IRS and I will be required to file IRS Form 5329 with my tax return. I rechecked my filed 2019 Tax Returns and found that no Form 5329 filed by Turbotax.
Please guide me what do I have to do - File 2018 Amend Tax Return with 2019 Form 1099-R/explanation OR File 2019 Amend Tax Return with Form 5329/2019 Form1099-R? I will truly appreciate your guidance here.
Thanks,
KParekh.
KParekh, please do not post the same question in multiple places. Your question was addressed here:
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
donaldjsa
Returning Member
jjyoo92
New Member
boroth717
New Member
alfredc61
New Member
caarolrelva
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.