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crobey
New Member

Form 1099-r distribution codes in turbotax shows excess contributions made in 2017 when in fact the form was from 2019 and the excess contributions were made in 2018.

 
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dmertz
Level 15

Form 1099-r distribution codes in turbotax shows excess contributions made in 2017 when in fact the form was from 2019 and the excess contributions were made in 2018.

The form you just received would have been a 2018 Form 1099-R, not a 2019 Form 1099-R.  Code P on a 2018 Form 1099-R indicates that the amount in box 2a is taxable on your 2017 tax return.  If the amount in box 2a is nonzero and not already reported on your 2017 tax return, you must amend your 2017 tax return to add it.

If you believe that the payer used code P on the 2018 Form 1099-R in error, contact the payer.

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15 Replies
wschara
New Member

Form 1099-r distribution codes in turbotax shows excess contributions made in 2017 when in fact the form was from 2019 and the excess contributions were made in 2018.

An excess contribution to a Roth 401K was made in 2018 and the excess was refunded before April 15, 2019. If the Turbotax instructions for a 1099R are followed, and code  "P" is entered in box 7, Turbotax treats it as a 2017 excess contribution from a regular 401K and double taxes the excess amount on the 2018 return. I am looking for a work around to the problem.
dmertz
Level 15

Form 1099-r distribution codes in turbotax shows excess contributions made in 2017 when in fact the form was from 2019 and the excess contributions were made in 2018.

For a 2018 Roth 401(k) excess contribution returned in 2019, the codes need to be P and B.
dmertz
Level 15

Form 1099-r distribution codes in turbotax shows excess contributions made in 2017 when in fact the form was from 2019 and the excess contributions were made in 2018.

The form you just received would have been a 2018 Form 1099-R, not a 2019 Form 1099-R.  Code P on a 2018 Form 1099-R indicates that the amount in box 2a is taxable on your 2017 tax return.  If the amount in box 2a is nonzero and not already reported on your 2017 tax return, you must amend your 2017 tax return to add it.

If you believe that the payer used code P on the 2018 Form 1099-R in error, contact the payer.

crobey
New Member

Form 1099-r distribution codes in turbotax shows excess contributions made in 2017 when in fact the form was from 2019 and the excess contributions were made in 2018.

In fact, 2019 is listed as the calendar year on the 1099-R mailed on 1/4/2019, so it was for excess contributions in 2018.  How do I know turbotax is handling this correctly?
dmertz
Level 15

Form 1099-r distribution codes in turbotax shows excess contributions made in 2017 when in fact the form was from 2019 and the excess contributions were made in 2018.

It's unusual to receive a Form 1099-R a year before the deadline, but not unheard of.

In this case, the text in the box 7 drop-down for code P  in 2018 TurboTax assumes that the Form 1099-R is a 2018 Form 1099-R.  However, when you enter this 2019 Form 1099-R into 2018 TurboTax, TurboTax will ask if it's a 2018 or a 2019 Form 1099-R; answer 2019.  This will cause 2018 TurboTax to treat any box 2a amount as income reportable in 2018 and will include it on line 4b.
dmertz
Level 15

Form 1099-r distribution codes in turbotax shows excess contributions made in 2017 when in fact the form was from 2019 and the excess contributions were made in 2018.

If any withholding is shown in box 4, you'll also have to enter this Form 1099-R into 2019 TurboTax because withholding on a 2019 Form 1099-R is credited to 2019, not to 2018.
crobey
New Member

Form 1099-r distribution codes in turbotax shows excess contributions made in 2017 when in fact the form was from 2019 and the excess contributions were made in 2018.

thanks, box 4 is empty.    Separate question, the excess contribution amount reported is less than the invested amount because of lost value in 2018.   Will the government still think I have excess contributions because of the discrepancy.
dmertz
Level 15

Form 1099-r distribution codes in turbotax shows excess contributions made in 2017 when in fact the form was from 2019 and the excess contributions were made in 2018.

Your 2018 tax return should include an explanation statement describing the return of the excess contribution in which you'll indicate that amount of excess contribution returned (the full amount) and the adjusted amount actually distributed because of investment loss.  TurboTax may or may not prompt you to enter the explanation statement.  If TurboTax does not, I suggest separately preparing the statement and paper mailing your tax return.
crobey
New Member

Form 1099-r distribution codes in turbotax shows excess contributions made in 2017 when in fact the form was from 2019 and the excess contributions were made in 2018.

The Retirement Income Results page on turbo tax shows the amount entered as non taxable which is not the case.  Any ideas?
dmertz
Level 15

Form 1099-r distribution codes in turbotax shows excess contributions made in 2017 when in fact the form was from 2019 and the excess contributions were made in 2018.

The Retirement Income Results page is misleading because a taxable return of excess deferral is reported as wages rather than as retirement income.  Check to make sure that the amount from box 2a of the code P 2019 Form 1099-R is being included on Form 1040 line 1.

Form 1099-r distribution codes in turbotax shows excess contributions made in 2017 when in fact the form was from 2019 and the excess contributions were made in 2018.

I have a same situation.  I concluded that 2019 1099R is for my reference and did not include in my tax.  Instead I created a income file showing excess deferral.  I received the distribution with loss in 2018, I will report the loss in 2019 Income tax.  First I included the 2019 1099R with P code, I realized "P" means 2017, I am doing 2018 tax, 1099R is 2019 form.  I think this one is for the next year, also noticed that the distribution amount is Excess amount minus Loss.   Excess amount should be taxed in 2018 tax and Loss should be in 2019 tax.  Still Turbotax complains the excess deferral, hope IRS accepts my e-filing through turbotax.

Form 1099-r distribution codes in turbotax shows excess contributions made in 2017 when in fact the form was from 2019 and the excess contributions were made in 2018.

I am in a similar situation (2018 1099-R with distribution code P).  My 2017 tax return already includes a 1099-R (distribution code 😎 with a value in Box 2A that is slightly greater than the value in Box 2A on my 2018 1099-R.  Should I assume the amount on my 2018 1099-R is in excess of the amount already reported on my 2017 taxes?  If so, where do I report this on my amended 2017 tax return?

Form 1099-r distribution codes in turbotax shows excess contributions made in 2017 when in fact the form was from 2019 and the excess contributions were made in 2018.

I don't believe I can add my 2018 1099-R to my 2017 return with distribution code P since code P on my 2017 return would indicate it was a return of contribution taxable in 2016.

Form 1099-r distribution codes in turbotax shows excess contributions made in 2017 when in fact the form was from 2019 and the excess contributions were made in 2018.

@lbhendrickson - Yes.  if you reported the excess in 2017 and it was included on line 7 on the 2017 1040, you can ignore the 2018 code P 1099-R.

However, you might have over reported in 2017, if you included earnings returned in 2018 on the 2017 tax return.  Only the amount of excess contribution returned, not including any earnings, should have been reported in 2017.

You should have received a separate 2018  1099-R with a code 8 with only the earnings in box 1 and 2a to be reported on the 2018 tax return since earnings are reported in the year returned.
**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.**
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