Hi @MinhT1,
The instructions provided within the TurboTax application differ from yours. Within the application, TurboTax says:
Depending on the rules of your plan, and whether the plan administrator is notified sufficiently ahead of the tax return due date, you may be able to withdraw the funds to avoid paying additional taxes on the excess deferral. If you are able to withdraw the funds, here is how to report that:
- Report the excess deferral on your 2022 return in the Income section for Retirement Plans and Social Security whether or not you received a Form 1099-R before you file your return. Enter as much information as you can. Report the excess deferral amount in boxes 1 and 2a, and use code P in box 7. Indicate that this is a 2023 Form 1099-R.
- In 2023, you will probably receive two Forms 1099-R. One reports the excess deferral amount. The other reports the earnings on the excess deferral. Enter both of these forms in your 2023 return, and we'll only add the earnings to your 2023 income.
These instructions make sense to me, but I can't figure out how to "Indicate that this is a 2023 Form 1099-R." If you simply use Code P, it will assume that this is a 2022 Form 1099-R and the income is for 2021 (which is wrong). Any ideas?
