Question

Amend 2019 Taxes? 1099-R Related

Forum|Forum|5 years ago
February 14, 2021
1 reply
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Long story short, when I went to file my 2019 taxes in early 2020, I had found I had over contributed to our Roth IRAs (lesson learned to wait until I file to do this). This year I got a 1099-R for them both (I assume due to E-Trade pulling the extra funds out). When I went to enter in TurboTax this year, it said I need to amend last year with this data. I just wanted to make sure this sounds right..... It does make sense, but what's making me doubt things is that is a "2020" 1099-R.

Can someone confirm I just need to refile with the addition of the two 1099-Rs?

Thank you!

D

DanaB27

Yes, if your 1099-R has to codes J and P in box 7 then you will have to amend your 2019 tax return. P stands for "Excess contributions plus earnings/excess deferrals (and/or earnings) taxable in prior tax year". Please see How do I amend a 2019 return in TurboTax?.

The IRS states:

How to treat withdrawn interest or other income

You must include in your gross income the interest or other income that was earned on the excess contribution. Report it on your return for the year in which the excess contribution was made.

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