DanaB27
Employee Tax Expert

Retirement tax questions

Please follow these steps since you had a loss instead of earnings:

 

  1. Login to your TurboTax Account 
  2. Click on the "Search" on the top right and type “1099-R” 
  3. Click on “Jump to 1099-R”
  4. Answer "Yes" to "Did you get a 1099-R in 2022?"
  5. Select "I'll type it in myself"
  6. Box 1 enter total distribution (contribution minus loss) of $829.92
  7. Box 2a enter $0
  8. Box 7 enter J and P
  9. Click "Continue"
  10. 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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