When exactly did a 1099-R event occur?

Forum|Forum|2 years ago
March 13, 2024
11 replies
69 views

I received a 1099-R for a small over-contribution to a 403b that I apparently received as a distribution. The year at the top of the form is 2023, has code "P". This means there was an overage was identified at the end of 2023, which I can address on this year's tax return, by reporting it as income?

Asking because TT inferred it happened in 2022, so I would need to amend a prior year's return.
Thanks for the hints!

TurboTax Home & Biz Windows

MarilynG

Level 15

You probably don't need to Amend your 2022 return. TurboTax alerts you in the event that you may need to. Do you have any amounts in Box 2a, Taxable Amount?

If not, enter the 1099-R with Code P in your 2023 return as it was issued and it will not change your return; you are just reporting the return of the excess contribution from 2022 with no associated taxable earnings.

Here's more info on Form 1099-R with Code P.

@Aminy

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

AminyAuthor

Level 5

Thank you, Marilyn.

There's `$150 taxable income listed in 2a - does that mean I need to amend 2022? Still not clear when this happened.... would be nice if it was just clearly stated:)