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Get your taxes done using TurboTax
Yes, you should report the earnings in 2020, that is what the code P will mean when you receive the 1099-R next year. So, you can do it now or amend the return later, but best to do it now.
You will see an option in TurboTax to create a substitute 1099-R form on the screen that says Tell us Which 1099-R you have when you go into the retirement distribution section. Enter the income in box 1 and box 2 and "8" in box 7.
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March 4, 2021
1:42 PM