qbteachmt
Level 15
03-28-2023
05:43 PM
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It's entered for tax year 2022, the same as if they got a 1099-R for it.
Don't forget to check the math for the allocation. That $500 might not be the allocatable loss, and there still is time to make another corrective distribution, should the math tell them otherwise. Or, they took too much and there is a small amount that will be taxed as earnings.
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