@Hal_Al , I think I may have read your reply as a general response and not as an answer to FamilyTaxPrep's specific question regarding the Saver's Tax Credit. FTP's question and your response below:
" If you decide not to enter the 1099-Q, you lose the option of showing the Roth contribution when calculating the Savers Credit."
That assumes that TT will somehow automatically enter the Roth contribution from the 1099-Q area. I don't think that's a sure thing. You still have the option of entering the Roth contribution in the IRA contributions area.
I took your response of "You still have the option of entering the Roth contribution in the IRA contributions area." as everyone needing to enter the 529 to Roth rollovers in the IRA area. I entered my daughter's 2023 529 to Roth rollover in the IRA are of TT in the 2023 return and that seems to be incorrect. 1) I should correct her 2023 return by deducting the 2023 529 to Roth rollover.
2) In re-reading the multiple posts on this subject, it appears that all TT users will need to manually track all of our 529 to Roth rollovers outside of TT (allowed since tax year 2023) until when and if TT updates the software to track this. Only Roth contributions from after tax earnings should show in the TT IRA section.
Are these the two correct actions?
