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?
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).
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.