The best option would be to create create a dummy 1099-R now. TurboTax will add an explanation statement with your return.
To create a Form 1099-R in your 2024 return please follow the steps below:
- Login to your TurboTax Account
- Click on the "Search" on the top right and type “1099-R”
- Click on “Jump to 1099-R”
- Answer "Yes" to "Did you get a 1099-R in 2024?"
- Select "I'll type it in myself"
- Box 1 enter total distribution (contribution plus earning)
- Box 2 enter the earnings of $0
- Box 7 enter P
- Check the "IRA/ SEP/ SIMPLE" box
- Click "Continue"
- On the "Which year on Form 1099-R" screen say that this is a 2025 1099-R.
Please be aware, code P will say in the drop-down menu "Return of contribution taxable in 2023" you can ignore that since the follow-up question will tell TurboTax that it will be taxable in 2024.
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