Thanks for the explanation. It sounds a little bit confusing but I think I'll probably understand better once I receive the forms from the custodian .
You wrote that a code P 2024 form 1099-R will be issued.
The custodian told me I won't get that until early 2025 but I noted you said to enter it now into my 2023 return "as if you have already received the form" ?
So if I understand correctly, I should enter the relevant amounts into the 1099-R income section in TurboTax even though I have not received the 1099-R yet?. I guess it would look something like the screenshot attached?
Have I understood your explanation correctly and selected the correct drop down (option 8 ) for box 7?
I'm still a bit confused, as this is different to what the original person was advised, which seemed to be to wait until 2024 tax season and report the 1099-R (received early 2025) as 2024 income?
I'm now not sure if it should be reported as income in 2023 or 2024?
thanks again
