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If you have any qualified dividends on line 3a or capital gains on line 7 then the tax tables are not used, the "Qualified Dividends and Capital Gains Worksheet" is used and applies a lower tax rate.
Should I use my 2019 TurboTax program or open the 2019 return with my 2020 TurboTax program? I have a 1099-R for the excess contribution withdrawal in March of 2020 which has a 2020 date on it. Do I enter the information as it appears on that including the box 1 gross distribution of $7,449, the 2a taxable amount of $449 and codes P and J in box 7?
@Telephus wrote:
Should I use my 2019 TurboTax program or open the 2019 return with my 2020 TurboTax program? I have a 1099-R for the excess contribution withdrawal in March of 2020 which has a 2020 date on it. Do I enter the information as it appears on that including the box 1 gross distribution of $7,449, the 2a taxable amount of $449 and codes P and J in box 7?
A 2019 .tax file can only be opened or amended with the 2019 software - not 2020.
A code PJ 1099-R can only be filed on an amended 2019 tax return.
On the "Which year" screen say that this is a 2021 1099-R. - That makes it taxable in 2020 and not 2019
After the 1099-R summary screen press continue.
If you are over 59 1/2 then on the "Lets see if we can lower your tax bill" enter the box 2a amount in the "Another Reason" box to eliminate the 10% early withdrawal penalty on the earnings.
The box 2a earnings will be taxable income reported on line 4b on the 1040 form and if under age 59 1/2 will also be subject to a 10% penalty on a 5329 form that will be reported on line 59 on the 1040 Schedule 4 form.
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2019 and earlier can only be amended with TurboTax using the CD/download version installed on a PC or Mac computer.
2019 amended Federal returns can either be e-filed or mailed. 2018 and earlier amended returns can only be mailed. It is suggested that it be mailed certified with return receipt (or other tracking service) to verify that the IRS or state receives it.
See this TurboTax FAQ for detailed amend instructions:
https://ttlc.intuit.com/questions/1894381-how-to-amend-change-or-correct-a-return-you-already-filed
-- Amended returns can only be mailed - allow 8-12 weeks - can take up to 16 weeks (4 months) for processing.
You can check the status of the amended return here, but allow 3 weeks after mailing.
https://www.irs.gov/filing/wheres-my-amended-return 2019 and earlier can only be amended with TurboTax using the CD/download version installed on a PC or Mac computer.
2019 amended Federal returns can either be e-filed or mailed. 2018 and earlier amended returns can only be mailed. It is suggested that it be mailed certified with return receipt (or other tracking service) to verify that the IRS or state receives it.
See this TurboTax FAQ for detailed amend instructions:
https://ttlc.intuit.com/questions/1894381-how-to-amend-change-or-correct-a-return-you-already-filed
-- Amended returns can only be mailed - allow 8-12 weeks - can take up to 16 weeks (4 months) for processing.
You can check the status of the amended return here, but allow 3 weeks after mailing.
https://www.irs.gov/filing/wheres-my-amended-return
Thanks for your help!
Thank you very, very much. I missed the worksheet in my TT files. Feel like I should buy you lunch or at least a beer.
Thanks for putting up with me.
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