1099-R Question

[Th3turb0man]

I received a 1099-R for 2024 with Box 7 Distribution code P which is taxable in 2023. After I entered in my 2024 Return TurboTax tells me I need to amend my 2023 return.

When I enter this into my 2023 return and select Box 7 code P TurboTax reports that the excess earnings are taxable in 2022 with no choice option for 2023. Can someone in the community tell me how to get past this? I assume since the 2024 version tells me I must amend my 2023 return Intuit has addressed this.

Thanks in advance!

[Mike9241]

The 2023 1099-R Turbotax form interview will say that code P means "Return of contribution taxable in 2022", but the interview will ask if this is a 2023 1099-R or a 2024 1099-R.  Select 2024 and then the 1099-R is correctly reported in 2023. It is not reported in 2024 unless there were earnings in which case the earnings should be reported on a separate 2024 1099-R with a code 8 on box 7 to be reported in the year the earnings were returned

[Th3turb0man]

Thanks for the quick reply. I assume this is correct as I am not told to go back & amend my my 2022 return. The irony of all of this is I incorrectly made a 2023 IRA contribution before the filing date & had to withdraw plus earnings. All of this happened in a 3 month period, yet I need to report all of the earnings which happened in 2024 on my 2023 return. I won't make that mistake again! Many thanks!