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Level 1

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?

3 Replies
Level 7

How do I specify the following year for a 1099-R?

What code is on your 1099-R?
Level 1

How do I specify the following year for 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).
Level 7

How do I specify the following year for 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. 

  1. Delete the 1099-R you entered first
  2. Click on Federal (left)
  3. Click on Wages and Income (top)
  4. Scroll down to "Less Common Income"
  5. Select Miscellaneous Income and click Start or Update
  6. Select "Other income not already reported on a Form W-2 or Form 1099" and click on Start
  7. Answer YES to the Question "Did you receive any other wages?  
  8. Click through the questions till you get to Any Other Earned Income
  9. Answer YES to "Did you earn any other wages?
  10. Indicate "Other" as Source of Other Earned Income and click Continue
  11. Enter the amount from your 2018 1099-R coded 'P'
  12. For the description enter "2017 Excess 401K Deferrals Returned" and click on Done