DanaB27
Expert Alumni

Retirement tax questions

You will enter the excess contribution amount of $6,500 as withdrawn.

 

Yes, you will enter the Form 1099-R with code P and J:

 

  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 2023?"
  5. Select "I'll type it in myself"
  6. Box 1 enter total distribution (contribution minus loss)
  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 2024 Form 1099-R.

 

Yes, TurboTax will ask for an explanation statement.

 

@ljwil123 

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