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Get your taxes done using TurboTax
Yes, you can add a 2023 Form 1099-R with codes P and J to avoid amending the 2022 tax return. This won't be a taxable event since you had a loss but Turbotax will add an explanation statement for the returned excess contribution, where you can state that you withdrew the excess contribution of $1,000 minus the loss of $$$.
To create a Form 1099-R in your 2022 return please follow the steps below:
- Login to your TurboTax Account
- Click on the "Search" on the top right and type “1099-R”
- Click on “Jump to 1099-R”
- Answer "Yes" to "Did you get a 1099-R in 2022?"
- Select "I'll type it in myself"
- Box 1 enter total distribution (contribution minus loss)
- Box 2a enter $0
- Box 7 enter J and P
- Click "Continue"
- On the "Which year on Form 1099-R" screen say that this is a 2023 Form 1099-R.
Please be aware, code P will say in the drop-down menu "Return of contribution taxable in 2021" but you can ignore that since the follow-up question will tell TurboTax that it will be taxable in 2022.
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March 31, 2023
11:51 AM