The first thing you need to do is determine if the income you mention is showing as taxable on your tax return. The taxable amount of the distribution would appear on line 4(b) of your form 1040.
To view your form 1040 and schedule 1 to 3:
- Choose Tax Tools from your left menu bar in TurboTax Online
- Choose Tools
- Choose View Tax Summary
- See the Preview my 1040 option in the left menu bar and click on it
- Choose the Back option in the left menu bar when you are done
If it shows as taxable, then you need to revisit your Form 1099-R entries. You should have entered the gross distribution amount in box 1 and the taxable amount in box 2a. In box 7 you should see the code "8" indicating that it is an excess contribution taxable in 2024. Only the earnings on the distribution should be taxable, as listed in box 2a.
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