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Retirement tax questions
Thanks. I found the spot in TT where one enters the amount of the withdrawal, and you said to put the entire $1500 there.
But, as I continued to click through the EasyStep, I was never prompted to enter the earnings amount (which would be negative).
Also, I know I will receive a 1099-R in 2022 for the excess contribution withdrawal transaction. What will I do with that in TT when I fill out my 2022 tax return a year from now? The amount will have already been reported as withdrawn on my 2021 return. Will I enter the 2022 1099-R received in early 2023? If so, won't that end up being a double reporting of the withdrawal?
March 8, 2022
6:04 AM