Please be aware, code P will say in the drop-down menu "Return of contribution taxable in 2022" but you can ignore this and select code P since the follow-up question will tell TurboTax that it will be taxable in 2023.
In your 2023 amended return:
- Click on the "Search" on the top right and type “1099-R”
- Click on “Jump to 1099-R”
- Enter the Form 1099-R
- On the "Which year on Form 1099-R" screen say that this is a 2024 Form 1099-R.
- Click "Continue" after all 1099-R are entered and answer all the questions.
- Continue until "Did you use your IRA to pay for any of these expenses?" screen and enter the amount of earnings from box 2a under "Corrective distributions made before the due date of the return".
Please note you must also enter the 2024 Form 1099-R into the 2024 tax return since the withholdings are reported in the year that the tax was withheld. The 2024 code P will not do anything to your income to the 2024 tax return income but the withholdings will be applied to 2024.
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