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We overpaid into our 401K in 2018. The instructions say to enter a 1099-R and put P in box 7 but P says it is for 2017? This was overpaid in 2018. Does it matter?

 
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New Member

We overpaid into our 401K in 2018. The instructions say to enter a 1099-R and put P in box 7 but P says it is for 2017? This was overpaid in 2018. Does it matter?

My case was a little different, but I had the same problem answering box 7 in Turbo Tax.  I closed a 401(k) that I had with an old company that I no longer work for and roll over the money into a (pre-tax) traditional IRA, so I would not have to pay taxes on this pre-tax 401(k) money right now.  I answered "G" to box 7, which was for pre-tax or untaxed rollovers, but Turbo Tax insisted on calling the money a post-tax Roth IRA, and now I suddenly owed more 2018 taxes, which should not have been the case at all.  Clearly, Turbo Tax has a S/W problem using box 7 and 1099R's.  So, you need to call the IRS help line.