JohnB5677
Expert Alumni

Get your taxes done using TurboTax

1.  Yes, you can claim all of your medical expenses, but there are some significant restrictions.

2. The distribution from the Traditional IRA should be taxed, but only once.

  • You did not pay taxon that Traditional IRA contribution.
  • When entering the 1099-R information, follow these steps
  1. Under Federal
  2. Select Wages & Income
  3. Scroll to and select IRA, 401(k), Pension Plan Withdrawals (1099-R)
  4. Now Edit or Add another 1099-R
  5. Continue the interview to the question
  6. Tell us if you moved the money through a rollover or conversion
  7. I converted some or all of it to a Roth IRA
  8. If you had taxes taken out
  9. No, I converted less than $XXX XXX
  10. Post the Actual amount converted

3. If you had taxes withheld when you withdrew the Traditional IRA, it will reduce your tax burden.

  • If you're referring to a penalty charge (That you had withheld) it would also reduce the tares owed.
  • If I misunderstood this question, please give a clarification.

 


 

 

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