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1099R 2021 File in 2020 Tax Return

Forum|Forum|5 years ago
May 12, 2021
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Hi Sir or Madam,

I have a distribution from Roth IRA due to excess contribution in 2020. I just received the distribution information (distribution withdrawn amount and earnings), and I can include on my 2020 tax return before filing on 5/17/21. So next year (2022) when I receive the actual 2021 1099R, can I only report the federal and state withholdings (since these were deducted), and put down the code P & J (if both show) on my 2021 tax return? No need to put down again the distribution and earnings that I file in my 2020 tax return (per my 2021 1099R info), correct? Or due to I have the federal and state withholdings, I cannot file with my 2020 tax return and must file in my 2021 tax return (unless I choose not to get back the withholding is amount is smaller than the tax I pay with the earnings in my 2020 tax return)?

Please kindly advise. Thank you!!

Best answer by DanaB27

Yes, you will enter all the information from the 1099-R. TurboTax will ignore the income because of the code P but apply the taxes paid towards any tax due on your 2021 tax return.

D

DanaB27

Yes, you can create a 1099-R to report the distribution to avoid amending your 2020 tax return:

Click on the "Search" on the top right and type “1099-R”
Click on “Jump to 1099-R”
Answer "Yes" to "Did you get a 1099-R in 2020?"
Select "I'll type it in myself"
Box 1 enter total distribution (contribution plus earning)
Box 2a enter the earnings
Box 7 enter P and J
Click "Continue"
On the "Which year on Form 1099-R" screen say that this is a 2021 1099-R.

Yes, you will enter the 2021 1099-R that you receive in 2022 on your 2021 tax return as shown. TurboTax ill ignore the income part because of the code P but will apply the taxes withheld from box 4 (federal) and box 14 (state).

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M

MNYLAuthor

Hi DanaB27,

Thanks so much for your reply! Just want to confirm in 2022 when I report my 2021 1099R on my 2021 return, I still need to put in all information from box 1 & box 2a (even I already reported in my 2020 tax return) as well as the federal and state withheld, in order to get back or apply the withholdings. Is this correct?

Thank you so much!

D

DanaB27Answer

Yes, you will enter all the information from the 1099-R. TurboTax will ignore the income because of the code P but apply the taxes paid towards any tax due on your 2021 tax return.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

1

10lamarrj

Has my 1040-SE for 2021 ben forwarded to the federal government?

VolvoGirl

Employee

You mean the 1040-SR?

Did you go all the way through the File tab, through the 3 steps and hit the big orange Transmit Returns Now button?

If you used the Online version you can check your efile status here

https://turbotax.intuit.com/tax-tools/efile-status-lookup/

When you efile you get back 2 emails. The first email only confirms the transmission. The second email says if the IRS (or state) Accepted or Rejected your efile. And check your spam folder for them.

When you log into your account you should also see the status and if it was Accepted or Rejected, Started, Printed, Ready to Mail, etc. What does it say?