DaveF1006
Expert Alumni

Retirement tax questions

Check your 2021 original return to see if there was a 5329 form in the return.  If so, you should have already been assessed your 6% penalty for 2021. Now for 2022, you can create a substitute 1099R for the return of contribution taxable in 2021. To report.

 

  1. Open (continue) return if you don't already have it open.
  2. Inside TurboTax, search for 1099-R and select the Jump to link in the search results.
  3. Answer Yes on the Your 1099-R screen,
  4. Click on the box that you are creating a substitute 1099-R
  5. Then select Continue.
  6. in order to create a substitute 1099-R, you will need to obtain and name, address, and payer TIN as required so you can record the information properly on the form.  . 

The code you will need for box 7 is P. You may wait until next year when you receive your 1099R to report. If you report it this year using the substitute 1099R, you won't need to report the 1099R you receive next year. 

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