topic Re: 2020 form 1099-R distribution code P in After you file

2020 form 1099-R distribution code P

William0711 — Mon, 17 May 2021 16:31:06 GMT

In 2019 I had 401(k) contributions above the limit. In April 2020 I filed 2019 taxes as normal using the W2s, etc. Later in 2020 my retirement account administrator returned the overage (plus interest) and said I'd receive a form 1099-R at the end of the 2020 year.

In early 2021 I received the 2020 1099-R with a distribution code P (referring to 2019) and included it when preparing my 2020 taxes. Turbo Tax displayed a message about amending my 2019 return.

How do I do that.

Bill

Re: 2020 form 1099-R distribution code P

DanaB27 — Mon, 17 May 2021 16:48:53 GMT

Yes, you will have to include the 1099-R with code P on your 2019 tax return if you haven't already report the excess deferral on your 2019. Please see How do I amend my 2019 return?

Re: 2020 form 1099-R distribution code P

William0711 — Mon, 17 May 2021 17:09:12 GMT

Do I amend my 2019 return using TurboTax 2019 or TurboTax 2020?

I opened TurboTax 2019 and clicked the Amend a Filed Return button. Adding the 2020 form 1099-R, I entered distribution code P for box 7. However the drop down list states code P is for Return of contribution taxable in 2018. But that's not correct.

I over contributed in 2019. When I entered the 2020 form 1099-R in my 2020 taxes. The drop down list for distribution code P accurately lists the amount is for Return of contribution taxable in 2019.

Should I amend my 2019 return using TurboTax 2020? Possibly the drop down list will properly show distribution code P is for a return taxable in year 2019.

Sorry for the confusion.

Bill

Re: 2020 form 1099-R distribution code P

DanaB27 — Mon, 17 May 2021 17:37:05 GMT

You will amend your 2019 return using TurboTax 2019.

After you enter the 1099-R information click "continue" and TurboTax will ask what year is on the 1099-R. Select 2020 and TurboTax will know that P means Return of contribution taxable in 2019.