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Retirement tax questions
@apergoli The federal tax return does not use the three-year rule. If your 1099-R has a taxable amount in box 2a that is less than the gross distribution in box 1, you just use the taxable amount on the form. The payer is probably using the "simplified method" to calculate the taxable amount. And yes, it will take a lot more than 3 years to recover all of your contributions.
March 6, 2024
7:59 PM