No, you don't change the code, enter P and J. TurboTax will ask a follow-up question to indicate that this was a 2022 Form 1099-R and code P means —Excess contributions plus earnings/excess deferrals (and/or earnings) taxable in 2021."
- Login to your TurboTax Account
- 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 2022?"
- Enter Form 1099-R as shown and click "Continue"
- On the "Which year on Form 1099-R" screen say that this is a 2022 Form 1099-R.
- Click "Continue" after all 1099-R are entered and answer all the questions.
- Continue until "Did you use your IRA to pay for any of these expenses?" screen and enter the amount of earnings (box 2a) under "Another reason" if you are over 59 1/2 (if you are under 59 1/2 click "Continue" since you can't be exempt from the 10% early withdrawal penalty)
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