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How do I specify the following year for a 1099-R?
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?
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June 5, 2019
3:16 PM
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Retirement tax questions
I have a 2018 1099-R that shows P for the code since the refund is supposed to be taxable in 2017. I have not yet filed my 2017 return so I'd like to include it now rather than amending the it later. The code selection options in TurboTax shows P but that sets it to 2016 (since it thinks the 1099-R is for 2017).
June 5, 2019
3:16 PM
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Retirement tax questions
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
June 5, 2019
3:16 PM