dmertz
Level 15
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Retirement tax questions

I assume that this is a 2024 Form 1099-R.  Despite code JP meaning that the $1,676 is taxable on your 2023 tax return, the tax withholding is credited on your 2024 tax return (the year of the form), not on your 2023 tax return.  Because of this, it usually makes no sense to have taxes withheld from a return of contribution for a contribution made the prior year.

 

Because this 2024 Form 1099-R has tax withholding, it must be entered into both 2023 TurboTax and 2024 TurboTax.  In 2024 TurboTax the only purpose to to get credit for the tax withholding.  (2024 TurboTax will remind you that the taxable amount was reportable on your 2023 tax return as you are doing with the amendment.)

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