What to do with 1099-R for prior year excess contribution

I got an expected 1099-R for excess 2008 Roth contribution (Box 7 codes P and J). I paid the taxes and penalty on those contributions with my 2008 taxes.

I'm using TaxAct. Do I enter the 1099-R info. into this year's return? TaxAct says not to, that I should instead file an amended

1040 for 2008. But wouldn't I need to do that only if I hadn't yet paid the taxes?
Reply to
gindie
Loading thread data ...

Is TaxAct telling you not to input the 1099 or warning you that this needs attention on your 2008 return when you do enter it? You are correct that you don't need to amend 2008 since you already correctly reported this.

The 1040 instructions for line 15 say you should enter the box 1 amount on line 15a and see the 8606 instructions for what you put on line 15b. The 8606 instructions say to omit the 1099 from your 2009 return. Hmmm.

I'd input it to TaxAct, make sure that it doesn't add to the amount on line 15b, and be done with it.

Phil Marti Clarksburg, MD

Reply to
Phil Marti

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.