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Can I ignore a 1099-R for a corrective made in a prior year?
In calendar 2002, I made deposits into Roth IRAs for the wife and I for calendar 2023.
Turns out we were not eligible for 2023 so I made corrective distributions in early calendar 2024-the deposited sums and any earnings were withdrawn in early 2024.
I reported these earnings on our 2023 return using Form 5329 and the earnings were taxed on that return.
Of course I have this year received 1099-R forms for the same earnings that were reported and taxed on our 2023 return.
I tried entering both here 1099-Rs and a second set of 1099s with negative numbers to eliminate the income but TurboTax wont let me file electronically with the negative numbers.
Can I just ignore these 1099Rs as they were already reported and taxed on the 2023 return?
Thanks.
March 12, 2025
1:40 PM