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Retirement tax questions
MarilynG1's, reply is incorrect and provides a reference that does not apply. IRS Pub 525 says to report this loss on Schedule 1 line 8z as a negative $500 and identify it as "Loss on Excess Deferral Distribution." In TurboTax you do this by reporting it as an item of Other income.
March 21, 2024
4:20 PM