Hello! I was wondering if anyone dealt with this issue - my child has an inherited IRA. We pulled out 2500 last year and received 1099-R. When I input 1099-R into Turbo Tax (I have Premier - home and business), it calculates a tax of 121. Income is listed as 2500 and standard deduction as 1300 (calculated by TurboTax). What's leftover is 1200 with 10% tax. Am I doing something wrong? I thought that 2500 is not taxed. Thank you!
