In 2017, our 401k contribution exceeded limit, we got the excessive $$ back before the deadline & received a 1099R, we entered it in our 2018 return, do we still amend our 2017 return? If yes, We paid tax for it in 2018, by amending it in 2017, do we need to pay tax one more time?
What code is in box 7 on the 1099-R?
How did you pay the tax in 2017? - Did you enter a "dummy" 1099-R in 2017 or enter the excess in the Miscellaneous Income interview to add the excess to line 7 on the 1040 form?
We received two 1099-R in 2018. One code is "P" & the other is "8". Since this is the first occurance, we did some research & ask around, we were told by plan admin & tax advisor in library that we just need to report those 1099Rs next year(2018) as income & pay tax for it. So we did not do anything on our 2017 tax return about them.
When we entered the 1099Rs a couple of days ago on TurboTax, it tells us that we "MAY" need to file a tax amendent for them for our 2017 tax return. So that's why we are asking. Thank you so much!