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Amend 2019 tax form with 2020 1099 R with code J

I removed excess contribution (6000)of 2019 in Dec 2020 after tax return due. Now I got 2020 1099R with code J.

( distribution5891, I guess 6000.  + loss? And. Taxable amount zero)

How Do I enter this in 2019 amend?
If I use 2020 1099R to amend 2019 tax return, do I still report it in 2020 Tax return??

And I recharacterized non deductible contribution for 2020 7K + 7k earning in ROth IRA to T IRA and converted to Roth in 2020. I entered 2020 1099 R and  from8606 shows 7k taxable amount. Is this correct?

I did not do any deductible T IRA. ( I had zero inT IRA before)
I  contributed non deductible 7 k to Roth IRA and recharacterized 14k( 7k + 7k earning) to T IRA, then converted to Roth IRA ( back door IRA). So taxable amount seems to be for earnings even though it has not occurred in T IRA?

 

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1 Reply
DanaB27
Employee Tax Expert

Amend 2019 tax form with 2020 1099 R with code J

Yes, the earnings would be taxable in the conversions.

 

You will enter the recharacterization when you enter the contribution to the Roth IRA

  1. Open your return
  2. Click on "Search" on the top right and type “IRA contributions”
  3. Click on “Jump to IRA contributions"
  4. Select “Roth IRA
  5. Answer “No” to “Is This a Repayment of a Retirement Distribution
  6. Enter the Roth contribution amount $7,000
  7. Answer “Yes” to the recharacterized question on the “Did You Change Your Mind?” screen and enter the contribution amount $7,000 (no earnings or losses)
  8. TurboTax will ask for an explanation statement where it should be stated that the original $7,000 plus $7,000 earnings were recharacterized.
  9. On the screen "Choose Not to Deduct IRA Contributions" answer "Yes"

 

To clarify, your 1099-R 2020 for the remove of excess contribution has only code J, correct?

 

No, if it has only code J in box 7 then the 1099-R 2020 will belong on your 2020 tax return and you won't need to amend your 2019 return.

  1. Open your return 
  2. Click on "Search" on the top right and type “1099-R”
  3. Click on “Jump to 1099-R” enter your 1099-R

 

To enter the 1099-R for the conversion:

  1. Open your return 
  2. Click on "Search" on the top right and type “1099-R”
  3. Click on “Jump to 1099-R” enter your 1099-R
  4. Click "Continue" and enter the information from your 1099-R
  5. Answer questions until you get to “What Did You Do With The Money” and choose “I moved it to another retirement account
  6. Then choose “I did a combination of rolling over, converting, or cashing out money.” and enter the amount next to "Amount converted to a Roth IRA account"

 

After you entered both 1099-Rs:

  1. On the "Your 1099-R Entries" screen click "continue"
  2. Answer "yes" to "Any nondeductible Contribution to your IRA?"
  3. Answer the questions about the basis and value
  4. Answer all Roth questions carefully

 

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