Retirement tax questions

Please follow these steps to create the 1099-R:

1. Login to your TurboTax Account 
2. Click on the Search box on the top and type “1099-R”
3. Click on “Jump to 1099-R”
4. Answer "yes" to "Did you get a 1099-R in 2020?"
5. On the "Get ready to be impressed" screen click "continue"
6. On the "Let's import your tax info" click "Change how I enter my form"
7. On the "How do you want to add your 1099‑R?" select "Type it in myself"
8. Select "Financial institute or other provider 1099-R"
9. Fill out your financial institute information, you might have to contact your bank for the federal ID number/Payers TIN.
10. Box 1 enter total distribution (contribution plus earning)
11. Box 2 enter the earnings
12. Box 7 enter P and J 
13. Click "continue"
14. On the "Which year on Form 1099-R" screen say that this is a 2021 1099-R.

 If you feel unsure about creating the 1099-R then you option to wait until you receive the 1099-R  2021 in 2022 and then amend your 2020 return.

Please be aware if you report it now in your 2020 return then you can ignore the 1099-R 2021 when it comes unless there is Box 4 Federal Tax withholding and/or box 14 State withholding. Then you must enter the 2021 1099-R into the 2021 tax return since the withholding is reported in the year that the tax was withheld. The 2021 code P will not do anything in 2021 tax return but the withholding will be applied to 2021.