Yes, when you enter the 1099-R you receive, TurboTax will ask what you did with the funds when you add it to your tax return for 2024. You can indicate the disposition (and timeframe) in the follow-up questions.
If you type '1099-R' in the Search area, and 'Jump to 1099-R' you can run through the scenario in TurboTax.
Here's more details on How to Enter a 1099-R and Box 7 Codes on Form 1099-R.
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