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Retirement tax questions
In your case, you don’t have any taxable earnings to report because you had a loss therefore your return won’t change when you enter the 2023 Form 1099-R with codes P and J (which you will get in 2024). All that TurboTax would do is add an explanation statement but this wouldn’t be a reason to amend your 2022 return but some people prefer to show the return of excess contribution and add the explanation statement.
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March 24, 2023
1:00 PM