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Excess Deferral 1099-R, Box 7 Code P. How to indicate this is a 2024 Form 1099-R
Hi,
I am preparing my 2023 tax return and need to report Excess Salary Deferral in Turbo Tax. I am following the following turbo tax steps
1. Report the excess deferral on your 2023 return in the Income section for Retirement Plans and Social Security whether or not you received a Form 1099-R before you file your return. Enter as much information as you can. Report the excess deferral amount in boxes 1 and 2a, and use code P in box 7. Indicate that this is a 2024 Form 1099-R.
In my Turbo Tax, I went to the 1099-R page, added the amount on boxes 1 and 2a. However in box 7, The dropdown for P code is "P-Return of Contribution taxable in 2022" and I selected it according to the instruction. How can I indicate that this is for 2024 form 1099-R?
Thanks in advance for any help