You coud change the code in box 7 to a "7" for normal distribution, which is the way it should have been listed. However, that option may void your TurboTax accuracy guarantee since you will be altering a tax form entry.
You could skip the form 1099-R normal entry and enter a subsitute Form 1099-R to report the correct code in box 7. That would be the most technically correct way to do it. You don't need to do an amended return, you can choose either of these options on your current tax return filing.
This is how you enter a substitute form 1099-R in TurboTax:
- Choose the Federal option on your left menu bar
- Choose Wages & Income
- Choose the Retirement Plans and Social Security menu option
- Choose IRA, 401(k), Pension Plan Withdrawals(1099-R)
- Choose the enter 1099-R option
- Choose Change how I enter my form
- Choose Type it in myself
- Choose Financial institution or other provider (1099-R)
- Enter in as much information as you can regarding the pension income
- Work through that section until you see Do any of these situations apply to you?
- Choose I need to file a substitute 1099-R
- Complete the information requested
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