DanaB27
Expert Alumni

Retirement tax questions

To create a 1099-R in your 2020 return with a loss please follow the steps below:

  1. Login to your TurboTax Account 
  2. Click on the Search box on the top and type “1099-R”
  3. Click on “Jump to 1099-R”
  4. Select "I'll type it in myself"
  5. Box 1 enter total distribution (contribution minus loss) $284
  6. Box 2  will be $0
  7. Box 7 enter P and J 
  8. On the "Which year on Form 1099-R" screen say that this is a 2021 1099-R.

@sugersam5

 

Please make sure you enter $360 as amount withdrawn in the IRA contribution section when TurboTax states you have an excess contribution.

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