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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.
‎February 28, 2021
10:00 AM
2,350 Views