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Get your taxes done using TurboTax
Based on your most updated reporting method, how is combing those two 1099-R forms as you described different from reporting them separately. If I report them separately as what they are right now, I pay tax for the $8000 (one distribution of $6400 and one distribution of $1600) with no penalty, and the $1600 withheld tax will be credited too.
So you are saying that the $1600 withheld federal tax is not subject to penalty? If that is the case, isn't the 1099-R form for the $1600 with distribution code "2" correct then?
Another piece of information that may be useful is that I did not add $1600 back to the Roth IRA with my own money within 60 days of the roll over.
Thank you very much again for your help.
March 26, 2024
6:51 PM