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Get your taxes done using TurboTax
I would enter both 1099R's and then exclude one of the income amounts. Be sure to have an explanation ready though in case if the IRS asks you about the exclusion. Here is how to handle the exclusion for one of the 1099R's.
- Click Federal > Wages & Income>all income>
- Go to the last selection, Miscellaneous Income and click Start
- Go to the last option, Other reportable income and click Start
- When it asks, "Any other reportable income?" say yes and then type in a description and the amount to report it on your tax return.
- Report this as a 1099R issued for the same loan then enter the amount of the 1099R with a minus sign in front of the amount.
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March 6, 2023
10:06 AM