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Taxsquid
New Member

When using TT to prepare 2023 taxes, it indicated that I may need to amend my 2022 taxes but didn't say why exactly.

When using TT to prepare 2023 taxes, it indicated that I may need to amend my 2022 taxes but didn't say why exactly. I know it has something to do with an IRA contribution in 2022 that I recharacterized in 2023, but I entered everything correctly.  How do I find out what amendment I need to make for 2022?

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1 Reply
MarilynG1
Employee Tax Expert

When using TT to prepare 2023 taxes, it indicated that I may need to amend my 2022 taxes but didn't say why exactly.

 

Before amending your 2022 tax return please verify if you had the penalty, because if you entered a Form 1099-R with code P and J with $0 in box 2a (no earnings) then TurboTax won't calculate the penalty. Please check if you had Form 5329 with a penalty showing on line 4. 

 

If you don't show the penalty and entered $0 for box 2a then you do not need to amend your 2022 tax return since a Form 1099-R with code 1 and P and $0 in box 2a won't add anything to your taxable income/affect your tax return. Therefore, amending the 2022 tax return and removing it would not change your 2022 tax return. 

 

If you show a penalty on Form 5329 line 4 then please see How do I amend my federal tax return for a prior year?

 

Here's more discussion on Amending a Prior Year Return for IRA Contribution. 


 

 

 

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