I am trying to enter a 1099-R for a refund of excess deferral to a 401k plan for the current tax year. The TurboTax online help says to enter the 1099-R with a P code but specify the following year (2018). How do I specify the year when entering a 1099-R?
You want to enter the amount of your excess contributions under Miscellaneous Income, not in the 1099-R retirement section. Follow these instructions to claim this income in 2017. You will disregard the 1099-R next year since you will be claiming the income correctly this year.
- Delete the 1099-R you entered first
- Click on Federal (left)
- Click on Wages and Income (top)
- Scroll down to "Less Common Income"
- Select Miscellaneous Income and click Start or Update
- Select "Other income not already reported on a Form W-2 or Form 1099" and click on Start
- Answer YES to the Question "Did you receive any other wages?
- Click through the questions till you get to Any Other Earned Income
- Answer YES to "Did you earn any other wages?
- Indicate "Other" as Source of Other Earned Income and click Continue
- Enter the amount from your 2018 1099-R coded 'P'
- For the description enter "2017 Excess 401K Deferrals Returned" and click on Done