Do I still need to enter my 1099R if I already entered the excess contribution amount last year?

[xiaolwu]

Hi,

I had an excess contribution to my 403B in 2019, so when I filed my tax last year, I put in the return of excess contribution for 403b under other misc. income. TurboTax took it and I paid tax on the amount. This year I just received my 2 forms of 1099R with a code P and a code 8. Do I still need to enter both in Turbotax or can I just ignore the one with the code P? I don't want the IRS to think I still need to amend my tax for 2019 when I don't really have to.

Thank you

@macuser_22 Could you help with this since I followed your direction on how to enter that excess contribution last year? Thank you

[macuser_22]

---

@xiaolwu wrote:

Hi,

I had an excess contribution to my 403B in 2019, so when I filed my tax last year, I put in the return of excess contribution for 403b under other misc. income. TurboTax took it and I paid tax on the amount. This year I just received my 2 forms of 1099R with a code P and a code 8. Do I still need to enter both in Turbotax or can I just ignore the one with the code P? I don't want the IRS to think I still need to amend my tax for 2019 when I don't really have to.

Thank you

@macuser_22 Could you help with this since I followed your direction on how to enter that excess contribution last year? Thank you

---

If you entered it last year and the box 1 amount on the code P was on the 2019 1040 line 1 then you can ignore the code P this year since you already reported it.

The 2020 1099-R with a code 8 is reporting the amount of taxable earnings that are taxable in the year returned - 2020.   It must be reported on your 2020 tax return.

[xiaolwu]

I entered it as Miscellaneous Income last year. Just to clarify, you are saying I don't have to enter the 1099R with the code P at all this year, but I think I just saw a screenshot from Turbotax saying I should still enter it even if I paid last year (it just won't be taxed again)? If I enter it again, would IRS think I didn't pay the tax owed on it? Or would they just know that I have already paid? I hope my question is clear.

Thank you so much

[macuser_22]

---

@xiaolwu wrote:

I entered it as Miscellaneous Income last year. Just to clarify, you are saying I don't have to enter the 1099R with the code P at all this year, but I think I just saw a screenshot from Turbotax saying I should still enter it even if I paid last year (it just won't be taxed again)? If I enter it again, would IRS think I didn't pay the tax owed on it? Or would they just know that I have already paid? I hope my question is clear.

Thank you so much

---

Correct.    You do not enter it in 2019 - that was the whole point of adding the income last year - so you would not need to amend 2019i when the 1099-R came.

As I probably instructed last year - ONLY if there was tax withholding in box 4 on the 1099-R with the code P would you enter that into 2020 to get the credit for the tax withheld otherwise 2020 will ignore the code P.