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jezirate
New Member

Can I apply my required minimum distribution that I requested on12/30/2022 but received on 1/3/2023 on this form, and if so, where?

 
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2 Replies
JohnB5677
Expert Alumni

Can I apply my required minimum distribution that I requested on12/30/2022 but received on 1/3/2023 on this form, and if so, where?

Yes, 

  • You will have to prepare a substitute 1099-R on your 2022 tax return.
  • You will get the 1099-R in 2024 for 2023.  
  • You won't have to do anything with it. simply include it with your 2022 tax return.
  1. Select Federal 
  2. Wages & Income 
  3. Select Wages and Salaries, or Revisit 
  4. Scroll to Retirement Plans and Social Security
  5. Select the type of income.
    1. IRA, 401(k), Pension Plan Withdrawals (1099-R)
    2. Social Security (SSA-1099, RRB-1099)
    3. Canadian Registered Pension Income
  6. At this point you can edit an existing document of [Add another 1099-R]
  7. If a new 1099-R continue to Let's import your tax info
  8. [Change how I enter my form]
  9. [Type it Myself]
  10. Post your information.
  11. Box 7 will probably be code 8  "Excess contributions plus earnings/excess deferrals (and/or earnings) taxable in 2022".
  12. Several screens after you've posted your information, 
  13. Do any of these situations apply to you?
  14. Select I need to file a substitute 1099-R
  15. Continue to the end of the interview.

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dmertz
Level 15

Can I apply my required minimum distribution that I requested on12/30/2022 but received on 1/3/2023 on this form, and if so, where?

If the payer did not issue a 2022 Form 1099-R for this distribution, the distribution is 2023 income that will be reported on a 2023 Form 1099-R which you'll enter into 2023 TurboTax next year.  You are not permitted to report such a distribution on your 2022 tax return by entering a substitute Form 1099-R.  It's your responsibility to request distributions in a timely manner such that the payer following its normal distribution procedures can complete the distribution before the end of the year.

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