Retirement tax questions

Yes, you may report this in your 2020 return. To report, you will need to create a substitute 1099-R.

1. Open your return. 
2.  Inside TurboTax, search for 1099-R and select the Jump to link in the search results.
3. Answer Yes on the first screen
4. next screen choose I will choose to enter my form.
5. Next screen asks how you will like to enter this, indicate you will type it in yourself.
6. Next screen say its for you. Next screen indicate it's from a Financial institution>continue
7. Next is where you enter information. 
8. in order to create a substitute 1099-R, you will need to obtain and name, address, and payer TIN. Make sure you check the IRA/SIMPLE/SEP box. 
9. Next you will report the total amount of the distribution in Box 1 and the taxable interest earnings in Box 2A.
10. In Box 2 you will enter codes P and then in the second box below the first one, you will enter a J.
11. After entering, there will be a question asked what year on form 1099-R.  you will say 2021.
12. The next screen is where you will check that you are creating a substitute 1099-R
13. You will navigate and answer questions in the next few screens but you eventually come to a Substitute 1099-R agreement>continue\
14. Follow the directions given in the screens that follow to finish out this section.

[Edited 02-25-2021|12:11 PM PST]