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Author: SRenaeP Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121482  
Subject: Re: Being taxed on IRA excess contrib LOSS? Date: 2/9/2009 3:03 PM
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Well, first the good news. You don't owe any penalty.

Now for TaxAct. I've long maintained that if you can't lie to software you shouldn't use it. The easiest approach is to omit the "J" from your 1099-R input. (It shouldn't have been there in the first place.)

If you don't feel comfortable doing that, is there an amount in Box 2a? If not, enter zero.

What you're supposed to do is explained in the instructions for Form 8606.

Phil


Thanks, Phil. I left the code the same but entered zero in Box 2A and UNchecked the box for taxable amount not calculated. That made it work.

-Steph
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