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Retirement tax questions
I have exact same situation. But I recognized this issue earlier in the year and asked my retirement plan to refund the money. They asked me prove my contribution to previous employer. Once that was done, they sent me the check for my contribution. Now, they also issued a 1099-R which shows the amount as a "taxable withdrawal". I have added 1099-R in my income section in TT. But turbo tax still warns of contributing more than allowed limit. Do I just ignore the warning? Also, there is a $1 discrepancy for some reason. I am guessing that when money was deducted from my plan and by the time the issue was resolved, my plan had a $1 loss - just my guess. Please let me know how to proceed.
‎February 27, 2022
3:40 PM