I got 2 different 1099-R forms from Vanguard for 2021. 1 has code P, 1 has code 8. Do I report both of them this tax year? Or do I have to amend code P for tax year 2020?

Yes, generally, you will have to amend your 2020 tax return for a 2021 Form 1099-R code P. If you had taxes withheld then you will have to enter it on your 2021 tax return as well since the withholding is reported in the year that the tax was withheld. The 2022 code P will not do anything to the 2022 tax return but the withholdings will be applied to 2022.

 

 

To verify, is there any other code in box 7? Was this an excess from an IRA or 401k? 

 

If it was from a 401k and you had added the excess deferral already to our wages on your 2020 return with the steps below, then you do not need to add the Form 1099-R with code P to your 2020 tax return. Therefore, you don't need to amend your 2020 return.

 

1. Login to your TurboTax Account 
2. Click "Federal" from the left side of your screen
3. Scroll  down to "Less Common Income" and click "Show More"
4. Scroll down to "Miscellaneous Income, 1099-A, 1099-C" and click "Start"
5. Select "Other income not already reported on a Form W-2 or Form 1099" and click "Start"
6. On the "Did you receive any other wages?" screen answer "Yes" and click "Continue"
7. Continue until you get to the "Any other earned income" screen, answer "Yes" and click "Continue"
8. On the "Enter Source of Other Earned income" screen select "Other" and click "Continue"
9. On the "Any Other Earned Income" screen enter "2020 Excess 401(k) Deferrals" for the description, enter the amount and click "Done".