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How to file tax with form 1099-R of distribution code P in box 7 ?
Hi all,
I over contributed $5000 to my 401k account in year 2022 (due to multiple employers), I withdraw them on 04/02/2023 before the tax filing deadline, I received a check of $4750 with a loss of $250 (stock investment), from Fidelity.
I filed my tax in Turbotax by reporting $5000 as "other earned income" (probably I had to fill in this amount), afterward, I received the form 1099-SA with code P in box 7, and amount $4750 in box 1.
What should I do with this form in Turbotax, how can I claim the loss ?
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March 17, 2024
1:23 PM