DanaB27
Expert Alumni

Retirement tax questions

No, you will enter the 1099-R with codes P and J only once on your 2020 tax return.

 

Since you have already filed you might just want to wait until you get the real 1099-R 2021 in 2022 to amend your return.

 

If you do not want to wait then please follow these steps in your 2020 amended return:

 

  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. Select "I'll type it in myself"
  6. Box 1 enter total distribution (contribution plus earning)
  7. Box 2 enter the earnings
  8. Box 7 enter P and J 
  9. Click "Continue"
  10. On the "Which year on Form 1099-R" screen say that this is a 2021 1099-R.

Then you can  ignore the 1099-R 2021 when it comes in 2022 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.

 

Please be aware that you can e-file your 2020 amended federal tax return, but most states require amendments to be printed and filed by mail. Please see FAQ How to amend a tax return for instructions.

 

Please see Where's My Amended Return? to check the status of your amended return.

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