What if I have a loss on excess deferral distributions?
Menu Path: Income > Uncommon Income > Other Income
If you have a loss on a corrective distribution of an excess deferral, the loss should be reported as a negative amount on Schedule 1, Line 8z.
Enter your loss on the Other Sources of Income screen as Miscellaneous Income with the description "Loss on Excess Deferral Distribution."
If you have a loss on a corrective distribution of an excess deferral, the loss should be reported as a negative amount on Schedule 1, Line 8z.
Enter your loss on the Other Sources of Income screen as Miscellaneous Income with the description "Loss on Excess Deferral Distribution."
