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Retirement tax questions
Correct. The amount of the excess must be reported a 1040 line 1 taxable wages and any loss enters a 1040 Schedule 1 line 8 "Other income" as a negative number that reduces the taxable income by that amount.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
‎July 16, 2020
6:09 PM