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Get your taxes done using TurboTax
To report the excess earnings, you need to enter the 1099-R you are going to get next year, now. In box 7, enter the P code. Ignore the taxable in 2022 description, as you will get a follow-up question; tell TurboTax this is a 2024 form 1099-R. The P will make the earnings taxable on this 2023 return. The earnings will be on line 4b.
If you report it now in your 2023 return, you can ignore the 1099-R when it comes next year in 2025, unless the form has any withholding. Then you must enter the 2024 1099-R into the 2024 tax return, since the withholding is reported in the year that the tax was withheld. The 2024 code P will not do anything in 2024 tax return, but the withholding will be applied to 2024 return.
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‎February 5, 2024
8:52 PM
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