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Retirement tax questions
Please follow these steps since you had a loss instead of earnings:
- Login to your TurboTax Account
- Click on the "Search" on the top right and type “1099-R”
- Click on “Jump to 1099-R”
- Answer "Yes" to "Did you get a 1099-R in 2022?"
- Select "I'll type it in myself"
- Box 1 enter total distribution (contribution minus loss) of $829.92
- Box 2a enter $0
- Box 7 enter J and P
- Click "Continue"
- On the "Which year on Form 1099-R" screen say that this is a 2023 Form 1099-R.
Please be aware, code P will say in the drop-down menu "Return of contribution taxable in 2021" but you can ignore that since the follow-up question will tell TurboTax that it will be taxable in 2022.
You cannot claim the loss of $2.08 anywhere.
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April 15, 2023
11:27 AM