You can report the income on your 2022 tax return by entering a substitute form 1099-R as follows:
- Choose the Federal option on your left menu bar
- Choose Wages & Income
- Choose the Retirement Plans and Social Security menu option
- Choose IRA, 401(k), Pension Plan Withdrawals(1099-R)
- Choose the enter 1099-R option
- Choose Change how I enter my form
- Choose Type it in myself
- Choose Financial institution or other provider (1099-R)
- Enter in as much information as you can regarding the pension income
- Work through that section until you see Do any of these situations apply to you?
- Choose I need to file a substitute 1099-R
- Complete the information requested
Enter in box 1 the distribution amount and in box 2(a) the taxable earnings. Enter code "P" and "J" in box 7.
You will receive a form 1099-R in 2024 for tax year 2023, just enter it in TurboTax and if it has the proper code of "P" in box 7, it won't show as taxable on your 2023 tax return.
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