Question

Need help on 1099-R

Forum|Forum|4 years ago
April 28, 2022
1 reply
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I contributed $6000 to a traditional IRA account on $12/31/2020. Then $6105.43 was returned back to me on 1/7/2021. I received a 1099-R form on 1/14/2022.

When I was preparing my 2021 tax return with turbotax, I was asked the question below after importing the 1099-R form.

Which Year on Form 1099-R? Look at the Year on Form 1099-R, Does it show 2021 or 2002 (Note: The year on your 1099-R will not necessarily be the year in which the contribution was made.)

if I chose 2021: It looks like you may need to Amend your 2020 Return. Here is why: Your 1099-R reports earnings on a contribution you made in 2020. This information needs to go on your 20202 return. If you have already filed your 2020 return, then you'll need to amend it.

What exactly do I need to do to amend my 2020? How do I report this 1099-R to IRS, on 2020 or 2021 tax form?

Below are a few details on the 1099-R form
Box 1 (Gross Distribution) 6105.43)
Box 2a (Taxable Amount) 105.43
Box 7 P1 (P-Return of contribution taxable in 2020, 1-Early Distribution) IRA/SEP/SIMPLE box checked

TurboTax Home & Biz Windows

macuser_22

Employee

What year is on the top of your 1099-R? If issued in 2022 it should be 2022 so you answer the question that it is a 2022 1099-R. (A 2021 1099-R would not have code P.)

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

W

wxhuangttAuthor

The Year on top of the Form is 2021. (Near OMB No. ***). Usually, most of the forms issued in 2022 are for tax year 2021, correct?

I think I need to select 2021 for the TurboTax question but turbo tax didn't tell me what exactly I need to do to amend my 2020 tax return. I filed my 2020 tax return with turbo tax as well. Thanks!