dmertz
Level 15

Retirement tax questions

@YellowJacket5219 , the correct codes for your 2021 Form 1099-R are P and J, not 8 and J.  Box 1 will show the entire amount distributed (returned contribution plus earnings) and box 2a will show just the earnings.

 

Code P on a 2021 Form 1099-R means taxable on your 2020 tax return.  (Ignore the drop-down text for 2020 TurboTax's code P selection for box 7, it assumes that it's a 2020 Form 1099-R).  When TurboTax asks the year of the Form1099-R, indicate 2021.