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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You will enter the excess contribution amount of $6,500 as withdrawn.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:
- 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 2023?"
- Select "I'll type it in myself"
- Box 1 enter total distribution (contribution minus loss)
- 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 2024 Form 1099-R.
Yes, TurboTax will ask for an explanation statement.
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April 6, 2024
7:39 AM