Over Contributed to 401k in 2019. Do I need to amend my 2019 tax forms?

[mrcrull]

I switched jobs in early 2019 and miscalculated my 401K contributions.  I caught the mistake in 2020 before filing my 2019 taxes.  I notified the plan administrator of the excess salary deferral and the funds were withdrawn from the plan and paid to me.  On my 2019 taxes I entered a 1099-R using a P code (box 7) with what I knew about the excess funds (my pre-tax contributions).  This year I received two 1099-Rs.  One with my pre-tax contributions and the other with my earnings while the excess funds were in my retirement account. 

Questions:

1. Do I need to amend my 2019 taxes with information from the 1099-R reflecting my earnings/interest off the excess funds?

2. Do I need to enter both 1099-Rs on my 2020 taxes and pay taxes on them again?

3. Do I need to amend my 2019 taxes because I entered the wrong financial institution (I forgot about the middleman) who refunded my the excess contributions and subsequently provided the 1099-Rs. 

Thanks!

[DanaB27 · Accepted solution]

1. If you reported the excess amount (without the earnings) correctly as added wages on your 2019 tax return then you do not need to amend your 2019 return. You stated you had created 1099-R with code P for the excess amount. If you entered it correctly and selected it was a 2020 1099-R then it should have added the amount to your wages and you do not need to amend your return.

2. No, only the 1099-R for the earnings will have to be included on your 2020 tax return. 

3. No, if you entered the wrong financial institution you do not need to amend your return.