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Retirement tax questions
After you enter your form 1099-R that reports the pension plan distribution, you will see a screen in TurboTax that says Any Nondeductible Contributions to Your IRA? You will answer "yes" to that question and then you will be prompted to enter the basis (amount you contributed) to the IRA at December 31, 2020 and on the next screen you will enter the value at December 31, 2021. From that information, TurboTax will discern and report the taxable portion of your distribution, by completing form 8606 automatically.
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March 3, 2022
5:35 PM