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Level 2
posted Feb 18, 2021 12:31:09 AM

I am trying to fill 1099-R for year 2021. TurboTax does not allow me to select the year for 1099-R. The box 7 code P is fixed for 'removal of excess for year 2019'

I made excess contribution for year 2020 and removed it in year 2021.

0 2 599
2 Replies
Level 15
Feb 18, 2021 6:04:06 AM

Ignore the reference to 2019 in the drop-down text for code P in 2020 TurboTax.  The drop-down text assumes that you are entering a 2020 Form 1099-R, not a 2021 Form 1099-R.  Code P actually means taxable on the tax return for the year prior to the year of the Form 1099-R, but that's too much for the developers to put in the drop-down text.  Just select code P and later answer that it's actually a 2021 Form 1099-R.

Level 2
Feb 20, 2021 3:49:28 PM

Yes I followed your instructions and prepared the 1099-R. Ttax  did form 4852 after I was done with 1099-R. Final version of 4852 from irs is expected soon. Then I can e-file my return. 
Thanks for your help.