When doing the 1099-R / 8606 part of turbo tax it asked for the balance in my IRA at the end of '23.
My wife and I both moved money from my employer tax deferred savings plans to Fidelity IRAs.
It said to look at the 5498 forms for the amount. As soon I entered the amount the Fed taxes increased by 2500 and the MN tax also shot up. I did not take any of the money out of the IRA to spend so the taxes should not have changed but I'm not sure what I'm doing wrong. Any ideas ?
