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Retirement tax questions
@gvrp
It turns out we both took losses, and our distributions were less than what we contributed. So no concern about owing taxes on earnings. I finally got TurboTax to ask the question in the deductions and credits section about how much we removed prior to the tax deadline, which it wasn’t asking before. I don’t know what I was doing wrong. I entered 6,000 there (even though we technically got less than that), because that’s what it required to remove the full penalty. I created that substitute 1099-R form, but when I got to the end it said I would have to paper file to include that so I ended up deleting it. I don’t really understand the purpose of that form since it doesn’t seem to make a difference if you don’t have earnings. Do I really need to amend my 2022 taxes when I get the actual 1099-R next January? This seems like a lot of extra work for nothing. I called the IRS today, and they had never even heard of a substitute 1099-R. Thanks!