I have a couple questions and hoping someone can help me:
1) I owe less than $1,000, but TurboTax shows I owe a penalty. I checked the IRS' website and, based on the info I found, I fall under all 3 categories of not being penalized. Not sure what to do to remove this penalty? Unless the program, for some strange reason, is using the "110% Rule", which would be incorrect since last years Adjusted Gross Income for us was less than $150K. We did a Roth Conversion in December, and paid 4th quarter taxes prior to January 15, so still not sure why the program is penalizing us?
2) Regarding our Roth Conversion, in our tax return under section "Form 1099-R, Summary" "Traditional IRA Distributions", line 9 is blank, "Taxable amount of Roth IRA conversions". Shouldn't our Roth Conversion amount be in this box and not line 8, "Taxable amount not converted to Roth IRA", where the amount was placed? I double checked the 1099-R with what was entered in the program, and it all matches. The distribution code used is "7". I didn't see any other choices that would fit this entry.
Thank you for the help!
Dave
