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Level 2
posted Mar 17, 2020 9:17:55 AM

ON THE STATE RETURN IT SHOWS A BIG DEDUCTION FOR LOSS FROM TOT, WHAT IS THAT

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1 Best answer
Employee Tax Expert
Mar 21, 2020 2:15:44 PM

Perfect! Thank you for that! 

 

I was able to see that the adjustment you were showing in your Form 196 was for Loss Incurred from Total Distribution of All Roths.  

 

If you still have your Roth IRAs in place, you will need to change you answer in the interview section.  It currently is marked as no, but you will need to change it to yes to correct this adjustment.  

 

Go back into the Federal section of the return.

  1. Select the Personal tab
  2. Select Personal Income
  3. Select I'll choose what I work on
  4. Select Visit all  under Retirement Plans and Social Security
  5. Continue through the screens until you see the following:

 

If you still have Roth IRA accounts open, you need to select Yes here. 

 

No is currently selected.  The "no" entry is resulting in treating all of your Roth IRA balances as being distributed and showing that adjustment on your New York return.

 

6 Replies
Expert Alumni
Mar 17, 2020 10:13:08 AM

Would you post which state and on which interview page you are seeing this message?  That will guide us to the most helpful answer for your situation.  

Level 2
Mar 18, 2020 1:43:50 PM

TURBO TAX ITIMIZED MY NYS TAX ON FORM IT-196 THEY TYPED IN ON LINE 24 LOSS INCURRED FROM TOT OF 113,905 DOLLARS ,I HAVE NO IDEA WHAT TOT IS AND WERE THEY GOT THAT FROM , AND CANT FIND WERE TO GET THAT INFO ,BECAUSE I THINK ITS WRONG.

Employee Tax Expert
Mar 21, 2020 11:51:59 AM

It would be helpful to have a TurboTax ".tax2019" file that is experiencing this issue. 

You can send us a “diagnostic” file that has your “numbers” but not your personal information.  If you would like to do this, here are the instructions: 

 

Go to the black panel on the left side of your program and select Tax Tools. 

  1. Then select Tools below Tax Tools. 
  2. A window will pop up which says Tools Center. 
  3. On this screen, select Share my file with Agent. 

You will see a message explaining what the diagnostic copy is.  Click okay through this screen and then you will get a Token number. 

 

Reply to this thread with your Token number. 

This will allow us to open a copy of your return without seeing any personal information. 

 

We will then be able to see exactly what you are seeing and we can determine what exactly is going on in your return and provide you with a resolution. 

Level 2
Mar 21, 2020 1:34:28 PM

TOKEN NUMBER 624673

Employee Tax Expert
Mar 21, 2020 2:15:44 PM

Perfect! Thank you for that! 

 

I was able to see that the adjustment you were showing in your Form 196 was for Loss Incurred from Total Distribution of All Roths.  

 

If you still have your Roth IRAs in place, you will need to change you answer in the interview section.  It currently is marked as no, but you will need to change it to yes to correct this adjustment.  

 

Go back into the Federal section of the return.

  1. Select the Personal tab
  2. Select Personal Income
  3. Select I'll choose what I work on
  4. Select Visit all  under Retirement Plans and Social Security
  5. Continue through the screens until you see the following:

 

If you still have Roth IRA accounts open, you need to select Yes here. 

 

No is currently selected.  The "no" entry is resulting in treating all of your Roth IRA balances as being distributed and showing that adjustment on your New York return.

 

Level 2
Mar 25, 2020 2:12:22 PM

Thanks ,that did the trick. Some of those interview questions, are hard to understand on the roth convertions from a traditional Ira  and contributions  made!!!!!!